Should I Buy a New Car Or Used?

Your car is among the single biggest purchases mostdrive it off the lot. It occurred to me, even then, that it
people will make in their lives. It makes sense to trywould make more sense to buy a car that has just
and save money in this area if possible whilebeen driven off the lot. Then there was my mother
maintaining quality and of course, reducing the cost oftelling me later in life that if you buy a used car, you
ownership.are just buying someone Else's problem. What is a
When I bought my last car, I utilized three mainchild to do about all these mixed messages?
resources. One was the Consumer Reports magazineIf you do your due diligence and apply a few simple
annual automotive issue, which comes out aroundtechniques to weed out the lemons, you will learn how
March. The second was the Lemonade Guide,to buy a used car and still win in the long run.
published annually, written by Phil Edmonton. And theWhen I purchased my car, I looked in the Consumer
third was the Auto Trader website.Report and the Lemon aid Guide, Used car edition. I
I will never buy a new car. In 2005 I bought my 2003found the best quality car that I could afford based on
Chevrolet Malibu for about $9000. A new 2003 Malibuthe criteria that I was searching for, which mainly had
would have cost me about $28,000 and if I wanted toto do with quality, reliability and lower cost of
sell it now, I would probably get about $6500 - $7000ownership. Then I went to the auto trader website to
for it, therefore, my car has depreciated about $2500find the best deal for my car. I found a two year old
in the last three years. So here is how the math workscar that was just off a lease, indicating that the
out. My car lost about 62% of its value in the first 2previous owner was required to carry out routine
years of its life. In the next 3, it lost about 28%. That ismaintenance.
taking into consideration, the accumulated mileage andSince then, I have only done my own routine
age of the vehicle.maintenance, and have had no other problems in the
When I was a child, I remember my father telling methree years. I will never buy a new car.
that a car loses a third of its value as soon as you