November 06, 2017

Whether to buy a new or used car

Transportation is a cost. Whether you're taking a train, paying for a rideshare service, or buying a car, it costs money; and cars are a depreciating asset. As I've started planning my next car purchase, I've come across the stern advice that one should always buy a used car. The usual reason given is the immediate deprecation from just "driving off the lot." Let me put that in perspective and assert that used cars also have the same problem when driven off a dealer's lot, and then I will take a closer look at buying new cars versus used cars.