If you’re on the fence about buying a brand-new or preowned vehicle, consider comparing a new model to its lightly used equivalent to help you make a choice.
Auto research site iSeeCars.com has compiled the top 10 cars to buy in each case, which identify the largest potential savings on used cars and vehicles where it could be worth paying just a little extra to be the first owner.
Based on seven million recent car sales, the findings show that the average one-year-old car costs 23 percent less than when sold new, but these savings stretch up to nearly 40 percent for the following mix of vehicles.
The Ford Expedition full-size SUV has the greatest price difference at 38.5 percent, or $24,690, while other SUVs that may enable you to save big include the Infiniti QX80 and Hyundai Santa Fe Sport. There are six sedans to think about, led by the Chevrolet Impala, as well as the Kia Sedona minivan.
Top cars to buy used over new
Includes percentage and dollar price differences
1. Ford Expedition, -38.5 percent, $24,690
2. Kia Sedona, -37.8 percent, $12,918
3. Chevrolet Impala, -36.4 percent, $11,837
4. Infiniti QX80, -34.9 percent, $26,188
5. Ford Fusion Hybrid, -34.3 percent, $9,301
6. Infiniti Q50, -33.1 percent, $4,938
7. Nissan Altima, -32.6 percent, $7,984
8. Hyundai Santa Fe Sport, -31.4 percent, $9,368
9. Kia Optima, -31.3 percent, $7,574
10. Hyundai Accent, -31.0 percent, $5,136
Overall average: -23.2 percent
Besides benefiting from much lower average prices, buyers of gently used cars can typically take advantage of remaining manufacturer warranties, too.
However, some cars really retain their value after the first year which diminishes such savings and, coupled with a used car’s uncertain history, can make a new car more appealing.
The 10 cars iSeeCars.com suggests to buy new range in price from just 10.5 to 14.7 percent more than a one-year-old model. This group is dominated by compact and subcompact SUVs with the Honda HR-V offering the smallest difference – only $2,260 more than at a year old.
“Subcompacts are a rapidly growing segment because they strike the right balance of cargo room and other SUV perks while maintaining a price tag that is comparable to sedans,” said Phong Ly, CEO of iSeeCars.com.
These vehicles are joined by the midsize Honda Pilot and two compact sedans, the Honda Civic and Subaru Impreza, along with the Toyota Tacoma truck.
Top cars to buy new over used
Includes percentage and dollar price differences
1. Honda HR-V, 10.5 percent, $2,260
2. BMW X1, 11.7 percent, $4,194
3. Subaru Crosstrek, 12.2 percent, $2,978
4. Honda CR-V, 12.2 percent, $3,230
5. Toyota Tacoma, 12.3 percent, $3,891
6. Honda Civic, 12.3 percent, $2,505
7. Honda Pilot, 12.8 percent, $4,518
8. Mazda CX-5, 13.4 percent, $3,457
9. Porsche Macan, 14.5 percent, $8,302
10. Subaru Impreza, 14.7 percent, $3,035
Overall average: 30.2 percent
When financing a purchase, depending on interest rate, the price differences you see here could translate into an even smaller disparity over the course of an average six-year auto loan.
If you’re in the market for a vehicle, apply for a new or used car loan online with RoadLoans and get an instant decision.
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