Is It Better to Buy a New Car or a Used Car?
Whether you go new or used, buying and operating a car is a huge cost. It’s well worth your time to seriously balance all the costs and benefits against each other. I’m a car lover. I grew up in Manhattan, a city where you don’t even need to own a car, and I’ve owned American hot rods, German-engineered beauties and everything in between. In terms of new versus used, I’ve been all over the map there, too. But let me put my aficionado’s cap down and address the question of whether it’s better to buy your cars new or used. According to the Bureau of Labor Statistics, the average U.S. household spent 18.1 percent of its income on vehicle costs, second only to housing. Given that nearly one out of every five bucks that you earn will go into your car, you’re right to think long and hard about whether it’s best to go with new or used. There are a myriad of issues to consider about your purchase. My checklist provides the most important. The Armchair Millionaire’s Checklist of New versus Used
