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New car or used? Sometimes buying new can be smarter

You probably remember your dad telling you to always buy a used car, because they are so much cheaper than new.

That’s not always the case anymore in this topsy-turvy pandemic year.

“We’ve all heard this: ‘Hey, you lose 20-30% of the car’s value when you drive it off the lot,'”said Karl Brauer of the automotive website ISeeCars.com.

But with used car prices at all time highs, Brauer said some used cars are so expensive that the new version can be a better deal.

“With some vehicles, right now the market is such that you are pretty much better buying the new car,” he said.

He cites Tesla as an example. A used version with 10,000 miles on it is valued just 1% less than its brand-new counterparts.

“If it’s 2% cheaper to buy a one-year-old one, why not just just buy a brand new one?” he said.

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