Should You Buy a New or Used Car?
Used car prices are the highest in years and will remain that way until 2013.
Currently there's a shortage of 2- to 5-year old used cars which makes them hard to find � and expensive.
Leasing hit a low point, which means lease returns will decrease over the next few years. Dealers depend on lease returns and trades for their used-car inventory.
While used car prices are higher, new car prices are lower.
Manufacturers are offering huge incentives (rebates, low-interest loans, special lease deals, etc.) on last year's models as well as brand new 2011 models. In many cases, these incentives actually make a new car cheaper than its previous year used model.
Still, if you're buying an older used car in good condition, the old rules still apply.
But if looking for a relatively new used-car, compare the price with the deal you can get on a brand new model. Even if the used model is cheaper, consider the full new-car warranty, lemon law protection, and updated features of the brand new car.
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid