A used car is always a better buy than a new car. Right?
Not so fast.
Weird things are happening in the automotive world right now, and they’re all stemming from the fact that our economy stinks right now.
Fewer people are buying cars, and when they do, many are choosing to buy used. But since people aren’t buying many new cars, fewer used cars are getting traded in. The demand for used cars is increasing while the supply is decreasing, causing the prices for used cars to rise.
And when the makers of new cars end up with much more supply than people are demanding, prices drop.
The Associated Press reports that the average cost of a used, dealer-certified 2008 Honda Accord EX sedan was $21,544 earlier this month. A brand-new 2009 model was reported to cost $80 less.
Throw in the zero- or low-interest financing available on many new cars, compared with 6 or 7% on used cars, and you just might end up saving thousands of dollars by buying new.
Like I said, these are crazy times.
Will your next car purchase be a new or used vehicle? If you plan to buy used, will you want a certified used car?
-tgriffith
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