Are good used vehicles or new cars better? New cars begin depreciating the second you sign the papers. That makes the question a lot simpler to answer. Since a car is a depreciating asset, meaning in general cars lose value with time, the best money decision is to purchase the car when it will tend to lose less value.
Maintenance costs are also a factor. Those are most balanced in the late model used car. The value has already dropped from new car state. Someone else got robbed by that decrease. The auto is likely still under warranty and isn’t in a state of needing constant work.
There are many places where you can purchase good used vehicles. Dealerships take trade-ins from customers who purchase or lease new vehicles. Those cars then have to be sold. Companies like Carmax specialize in used automobiles, while eBay has an entire subsection dedicated to car auctions, mostly for used vehicles.
Speaking of auctions, most cities have a lot of auctions taking place every day. Dealers auction off good used vehicles, as do cities when police confiscate them from criminals.
The most trusted source for used car prices is Kelly Blue Book. Cars are shown by year, model, then with prices shown for various conditions. Sale by an individual or dealer is also shown. Because dealers pay overhead costs that private individuals don’t, that distinction is shown.
Have you considered financing? The better idea is to save money to make a cash purchase. No matter how low of an interest rate or how low the monthly payments, nothing helps the monthly budget like not having to make a car payment.
Sure, people like the fancy models. But bells and whistles can cost a lot of money. That not only helps your bottom line, but your blood pressure. People who own the luxury cars worry more about them. A scratch doesn’t mean as much on less expensive good used vehicles.
With wealth it’s not what you buy. Net worth comes from saving. Saving turns rich people rich. Good used vehicles help the budget.