New VS. Used Car - Does Buying Lightly Used Really Save You Money?

Does buying a lightly used car really save you money? We explain the difference between buying a brand new car versus a slightly used car such as a 1 year old car or demo. Which option saves you the most money? The answer might surprise you!

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ABOUT ME

With over a decade of experience as a professional car buyer and auto consultant, Shari Prymak has helped thousands of consumers with their car buying needs. Car Help Corner provides honest, objective, consumer advice with all aspects of car buying and car ownership. For more professional advice, check out Car Help Canada, become a member, and subscribe!

[Rickster]

I have always bought new Japanese cars (Acura/Toyota) but I keep for 10+ years and 200K miles. Buying a used car that will save me some money doesn’t make sense because the maintenance issues will come up sooner. Again, as long as you aren’t flipping into a new car every few years, I’ve found buying new is perfectly ok as long as your willing to keep long term. I like Japanese cars for lower maintenance compared to European brands which I’ve also owned (Mercedes Benz).

[NeilBWood]

Hi Shari, thank you for this video. I bought a 3 year-old Audi convertible with 7, 000 miles and saved a bundle. But now looking at a spare car (Hyundai, Nissan or similar) you're correct. It makes more sense to look at new models vs used because they retain their value compared to the European cars. Your video makes sense and I'll buy new. Thank you and keep up the terrific work for car-buyers. Your videos are excellent and fair.

[KingRockets]

I would say few people are opting for a 1 year old model instead of brand new. Most would just get the brand new car. A much better comparison would have been choosing brand new vs a 3 year old model.

[statetechguru]

I always feel that buying 4-5 year old car is the best way to save money and get a your desirable car which would be very pricey if bought new. 1 year old is too less of a time for the car price to drop significantly, unless you hit a jackpot by buying the car from someone fleeing the country or something.

[qrizpol]

There will be no used cars without brand new cars, so guys just do your thing and buy brand new cars. Used cars buyers like me loves you! More power!!!

[rmitchell]

That's why I buy a few years older vehicle with fairly low mileages dropping the price considerably more and I have an understanding if that vehicle is worth buying based on consumer reviews.

[mikecordeiro]

Came across your channel.absolutely love the information that you have provided.Thank you for the great content and will be supporting you.

[phxdesert]

"It's only $900/mo. Seriously, most ppl are being priced out of the market & onto the bus.

[dawoodderful]

I usually buy used, at least 5 years old with the fewest miles I can find.

[fredswartley]

Great video. This is a reasonable, well balanced perspective. I had always thought it's best to buy used cars, but you showed me that new cars can be a good choice too.

[daves]

I would be wary of buying a used car that is less than a year old. It might have a serious defect that motivated the previous owner to trade it in.

[jonathanchartrand]

Good advice. There is one other factor to consider. When buying a used car, you are also buying options the original buyer chose and paid for which you may not have interest in.

[jamesstuart]

Back in 2014 a brand new Ford Escape was $34, 000. I bought a 2012 with 17K on it for $20, 000. This would tend to support the myth

[mindabarton]

It make sense buying new 👍thank you for sharing

[mr.wright]

I've been price checking a brand new car vs 1-2 year olds, and just came to the conclusion that it makes more sense to buy a new one and avoid the headache.

[henrythomas]

Please continue to post such an informative videos. Therefore, people like us will get the needed knowledge in real life.

[Red_Fox]

It's kinda OK perspective if we are talking specifically about 1 year old. Story will be different if we are looking for the most saving coupled with reliability. Leaving aside luxury brands. The most value for money car is the one you buy 3 years old and sold 7 years old. The cars will lose approximately 35 to 40% of it value after 3years and approx 60 to 65 % after 7yeras. So if someone was choosing wisely and was a cash buyer, he can end up paying between 20 to 25% of the car original value and used it for 4 years where the car still is good shape and reliable. Just my opinion based on my experience.

[TeslaRules]

I agree with this. We buy new Honda's and Subaru's at near zero interest rates and keep them at least 10 years. However one exception I found (pre pandemic) was 1-2 year old certified Hyundai's - they are fairly well made but lack the reputation of Honda and so they depreciate notably right off the lot - BUT - they come with Hyundai's well regarded extended warranty program. That was 2 years ago - right now most used cars are overpriced.

[nysavvy]

Especially nowadays with used cars through the roof. Better to buy a 2 year old car with low miles but only when this shortage goes away.

[luisakyriacou]

Thinking of buying the 2022 Corolla Cross, what’s your opinion about buying a new model car, should I wait to see if there are any issues or go ahead and buy it because Toyota is well known for making reliable cars?