Who doesn’t love a new car? Unfortunately, you pay a huge premium for that new-car happiness. A vehicle is not an investment. It’s a constantly dwindling asset that loses value the minute you drive it off the lot, depreciating by as much as 20 per cent the first year.
Then again, new cars come with guarantees - if something goes wrong, the manufacturer fixes it. And with all the recent upheaval in the auto industry, there are some good deals to be had on new cars. But can they compete with the price of a well-maintained used car with low mileage? What things should you consider as you weigh the pros and cons of buying new versus used?
