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I would definitely consider buying a2-3 year old used car over brand new. The first few years see the steepest depreciation, so you can save a lot of money by going used. For example, a new Honda Civic could drop% in value after just3 years. I bought my Civic withk miles on it for almost $k less than new. As long as you do your research on reliability and get a pre-purchase inspection, used can be a great option. I always check sites like Car Smite first to look at recommended model years and ownership costs. Their guides helped me feel confident I was getting a good used car. Plus I saved enough to take my family on a nice vacation with the extra cash!
I prefer new cars to ensure perceived performance. But I one bought a used Porsche911 because buying a new one is not economical to me and I badly needed to drive one.
Some brand names (the less popular ones specially) tend to lose a lot from their street value, much higher than the normal depreciation value.
Talking about cars, I know specific brands that may lose30% or more in these2-3 years making them a much better deal than buying the same car .. brand new .. and pay the extra30%
A year car or a car from one of the car leasing firms like Avis, Herz ... are well maintained cars ... these cars are usually around a year old ... have still the manufacturer guaranty and most have a low mileage... the value of a car remains much more stable and lasts as long than a new car which looses in the first year a very large amount of its value
3 years are fine, the car is still considered new, even if it has30% dep. rate, but in reality, depreciation is overrated, especially when the item is still new, because the older it gets, the more the aging factor will start being more and more noticeable.
