What If We All Bought Used Cars

We are on the cusp of a nice, long three-day weekend. I am excited for it as I haven’t had a time to relax much. There is so much painting to be done at the house. Did I mention I hate painting?

Anyway, instead of putting up a post about saving money or making more money, I wanted to run a hypothetical by you. This is just supposed to be fun and make you think a little about the topic. OK, onto the topic!

One of the longer running pieces of personal finance advice is to never buy a new car. Seriously, most experts use the word “NEVER!” I am cool with that, especially as someone who has purchased quite a few new cars, I have learned my lesson. The justification of this advice is you can save a lot of money by just buying a car one or two years old. The majority of depreciation happens within the first year. After that, most cars depreciate on a sliding scale. Some do it slower than others, but I am not getting into that. So, let’s talk about this “never buy a new car” advice.