"If you're looking for a lightly-used car, there's a good chance that buying a new one may save you money in the end because of a lower interest rate." "The interest rate for used cars is higher than the interest rate for a new car," Moody notes. That said, do the math before deciding to go for a used vehicle. After that, the depreciation rate tends to slow down. According to Edmunds, new cars lose 23.5% of their manufacturer's suggested retail price (MSRP) after a year and about 60% of their MSRP in the first five years. Generally, buying a used car makes more financial sense than buying a new one, as new cars lose a lot of their value in the first few years. Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds Help for Low Credit Scores +More All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score Taxes +More All Taxes Best Tax Software Best Tax Software for Small Businesses Tax Refunds Small Business +More All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business Personal Finance +More All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief
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