The economy shows no sign of picking up anytime soon. Still, life goes on. Bills need to be paid, groceries need to be purchased. and worn out but necessary possessions need to be replaced. Sometimes the replacement has little impact on the wallet, but then there are purchases that can’t be put off — whether you can afford them or not.
For many, a car is such a necessity. Cars don’t take the economy into consideration when they break down, or when they’re so worn out there’s little choice but to replace them. For cash-strapped motorists, making a replacement car affordable often means buying previously owned cars. Generally, used cars cost less than new ones.
There are, however, some cases where buying a late-model used car will cost more than a new one fresh off the lot. After all, new car dealers have to unload inventory somehow, and a little competitive pricing never hurts.
The automotive information website Edmunds.com compared the True Market Value® of new cars with their one-year-old used and certified pre-owned counterparts. True Market Value® is a pricing system based on what a car sells for in a particular U.S. region based on actual sales, not asking price. Based on those figures, and assuming a five-year loan term, CNBC.com determined which cars are less expensive to buy new.
What cars are cheaper to buy new than used? Click ahead and find out.
By Daniel Bukszpan
Posted 13 October 2011