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Posted in Auto Loans
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mardel010115

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Would you recommend a new car loan vs. used?
Credit Score 705 - looking at used car - listed for $20,000. - I have negative equity in my current auto therefore, trying to accomodate that amount.

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I never recommend buying a brand new car due to the rapid decline in book value.  A good used car that is up to 3 years old is a better choice IMHO because the cost is thousands lower than a brand new vehicle and you will generally have a vehicle that will provide good transportation for about ten years.  My current vehicle was a year old (has minor glitches that doesn't affect drivability) when I bought it and I paid almost half of what a brand new vehicle would cost.  The car would now be considered to be 12 years old and is still a very reliable drive.  I'm keeping it until it is no longer sensible to do so, then I'll buy another good used vehicle. 

If you want new car smell, it is available in spray cans and those are a lot cheaper than a brand new car.

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