GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
Heres a closer look at Cruzes reasons to skip the new model andgo with a used car instead.
According toKelley Blue Book, a used car costs, on average, $25,415.
The average new car costs $48,401.
Thats a substantial difference, especially if youre trying to be budget conscious.
Keep in mind that new cars are also generally more expensive to insure.
You could buy a five-year-old Honda Civic, for example.
What matters is that you have something reliable that wont hurt you financially.
New Cars Depreciate More Quickly
Cruze also explained how depreciation makes new cars a badinvestment.
For a $48,401 car, thats a $4,356 loss in value.
Many outlets also report that a new car loses 20% of its value within the first year.
New Cars Also Depreciate More Over Time
Depreciation doesnt happen only once.
In general, your assets including your vehicles can continue to lose value over time.
This means looking for a vehicle thatsabout five yearsold and in good condition.
More From GOBankingRates
Share This Article:
