New Car vs. Used
My family's car is breaking down and we need a new one. Repair of our existing car is not feasible. Ideally, we would like to spend in the low $20 000 but no more than $30 000. We are in Ontario, and plan to finance the purchase, say for 7 years. We are in the market for an SUV.
I have been checking the used and new markets for a while, and there are a lot of options...
It's kind of crazy how most recent cars , say 2015 models, are within 5 to 10K of brand new cars, and charge you 6.99% interest at the minimum. I don't think it makes sense going for a used car at the price difference and increased rate when financing for long periods of time, as often the interest payments make up the difference of buying a new car.
Lots of dealers are having sales (0% interest), I have come up across the two cars following:
- Hyundai Tucson 2020 (Starting at 25K)
- Kia Seltos (Starting at 22K)
Have you bought a new car recently? Please let me know your opinion and thank you !