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Published: Thursday, February 14, 2019 @ 3:31 PM
If you’re shopping for a vehicle, a new car is great: Everything works, it’s sleek and it has that unmistakable “new car smell.”
But a recent study shows that consumers who bought a year-old car paid on average nearly 25% less than they would have for the new version of the same vehicle.
And that’s just the average.
Some year-old used vehicles cost nearly 40% less than their new selves, according to automotive analysis site iSeeCars.com. The site studied more than 7 million vehicle transactions from August 2018 to January 2019.
The study’s results show that by waiting a bit to purchase a vehicle, consumers can enjoy significant savings.
There are other benefits you can reap by buying a lightly used vehicle rather than a new one:
To demonstrate the stark difference in price between new and lightly used vehicles, iSeeCars.com compared new versions of the same car model year to those available on the secondary market. Here are the 10 vehicles that are the biggest bargain when bought used:
|iSeeCars Top 10 Cars to Buy Used Over New|
|Rank (By Percentage)||Model||% Difference Used Over New||$ Difference Used Over New|
|5||Ford Fusion Hybrid||-34.3%||$9,301|
|8||Hyundai Santa Fe Sport||-31.4%||$9,368|
When it comes to buying a used car, money expert Clark Howard says there’s one thing you should do before even looking for a vehicle: Arrange your auto financing.
“Look at credit unions, online banks or even traditional banks,” he says. “Only take dealer financing if it beats any other offer you have. Of course, I would love for you to pay for an affordable used car completely in cash!
Still convinced you need a vehicle straight off the assembly line? Here are some cars where it might make sense to buy new.