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Winter is just around the corner, but if you need new wheels, it’s best to act now rather than hold off until the snow is falling from the sky.
With a tight economy, you might be solidly thinking about a used car, but before you completely eliminate purchasing a new car, there are some advantages you may want to take into consideration.
A big consideration is what was happening in car factories during the pandemic.
“They weren’t producing that many new cars,” said Em Nguyen of CarFax. “So, what would be a used car this time just doesn’t exist. There are fewer used cars on the market, and yet the demand is still there. The average used car price is at its highest [price] point in 18 months.”
At an average of about $1,300 more than you paid for a used car a year and a half ago, a CarFax study found that the price gap between some of the more popular vehicles, the 2025 model and and 2023 model, was close in cost.
Nguyen said that right now, the value of a couple-year-old used car is about the same as when you drive a new car off the lot.
“You should really consider buying that newer model, at least take a look at the financing,” she said. “Take a look at whether or not it makes sense for you, because that new vehicle has better warranties, better features, the list goes [on and on].”
That’s not even to mention the new car has fewer miles, and no wear and tear like a used vehicle does. All of that said, though, the new car is going to cost you more.
Nguyen did say that the difference in monthly payments might be much smaller than you may think, and the life of a new car is naturally going to be longer than a used car.
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©2025 CBS Broadcasting Inc. All Rights Reserved.
