New Or Used?

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Conventional wisdom has long been that when you buy a new car it loses value as soon as you leave the lot.

And that is probably still true.

However, there may be some distinct advantages of buying a new car rather than a used model these days but only if you plan on financing the purchase.

The fact is that right now you can get a new car loan at some of the lowest interest rates in years, while a used car loan will cost you more in interest. That would be about 4% or less on a new car and 8% or so on a used car.

And that makes a huge difference in your monthly payment.

Also nearly 15.4% of new auto loans will charge you 0% interest, especially if you are looking at an American made model.

So at this point in time, if you are financing a car, you may just be better off buying the new one.

And you can enjoy that ?new-car? smell for less.

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