Could a new car be worth it if the interest rate is literally ... - Reddit

Those factors plus 0% financing on a new car can certainly flip the economics of a well priced new car. The 5 year total cost of ownership between a new car and a 3-4 year old used, and a new …

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Could A New Car Be Worth It If The Interest Rate Is Literally ... - Reddit

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Those factors plus 0% financing on a new car can certainly flip the economics of a well priced new car. The 5 year total cost of ownership between a new car and a 3-4 year old used, and a new …

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Are The Interest Rates Actually That High? : R/whatcarshouldIbuy

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In a vacuum, if you need a new car in the next year or two, and you have robust cash savings, I think the play is to wait for a promo rate and buy a new car as soon as you find one. 4.99% is …

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At What Interest Rate % Does Buying A Car Not Become Worth It?

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The crazy pricing of the used market made me lean towards buying a new car but pretty much everything new is $30k+. I need AWD for winter and for personal recreation reasons. ... So if …

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What Are The Best Interest Rates People Are Getting On Used Cars …

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Aug 28, 2024 · Yeah I got 2.5% new. I could've bought a used car at $6k less and 7% interest (for the same term) and gotten the same monthly payment ... which is absurd due to the interest …

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Is It Better To Buy A New Or Used Car? - Ramsey - Ramsey Solutions

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Okay, let’s break down how much you reallypay for a new vs. used vehicle. Let’s say Tony and Jack are both looking to buy new vehicles. Tony goes the “normal” route and finances a brand-new truck, while Jack decides to save up and buy a reliable used car with cash. The average new car loan is $40,366 with a 7.18% interest rate.10If Tony signs up fo...

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Should You Buy A Car With A High Interest Rate Or Lease Instead?

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Jun 11, 2018 · “And because interest rates tend to be lower on new cars than used cars, sometimes the better money is spent buying new.” He gives this example: A $17,000 loan on a …

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With Interest Rates High, Is It Cheaper To Buy A New Car Or Used

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Feb 15, 2023 · The latest Cox Automotive report shows the average monthly payment for a new car is $780. New car prices continue to increase slightly month to month, while used car prices …

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Paying Cash For A Car In 2025: Consider The Pros And Cons

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Dec 16, 2024 · For example, you would pay $7,275 on interest if you financed the purchase of a $48,623 vehicle (the average price for a new car in October 2024, according to Kelley Blue …

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Pros And Cons Of Financing A Car - Bankrate

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Dec 11, 2024 · With the average new car price hovering around $48,623 as of October 2024, according to data from KBB, the cost of finance charges can really add up over time. Before …

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FAQs about Could a new car be worth it if the interest rate is literally ... - Reddit Coupon?

Are used car loans more expensive than new car loans?

Interest rates on used car loans are typically higher than loans for new cars.\nAccording to Experian State of the Automotive Finance Market report, in the second quarter of 2020 the average interest rate for new-car loans was 5.17%, while the average interest rate for all used-car loans was 9.78%. ...

Should you buy a used car if you have a high interest rate?

You may be able to look to peer-to-peer lending to get a loan, and your down payment will help mitigate the high interest rate levied. Plus, you’ll likely be able to refinance this way. “Buy the cheapest used car that will do the job and you feel comfortable with,” says Jones. “The less expensive the car, the lower the interest charges. ...

Should I buy a new car or a used car?

1. Consider buying an older used car: While the average used-car interest rate is higher than a new-car rate, a used car will generally be less expensive than a new one. This means you're more likely to get financed and have a lower monthly payment than if you bought new. ...

What is the average interest rate on a car loan?

The average interest rate is 7.18% for a new car loan and 11.93% for a used car loan. 3 Any time you take out a car loan, you’re forking over thousands of dollars more—just to interest! So, before you choose a car, figure out how much car you can actually afford. Used cars don’t depreciate as fast. ...

Why is a new car more expensive than a used car?

More expensive: New cars are often several thousand dollars more expensive than their used counterparts, which could make a down payment or monthly loan payments harder to afford, even if you score a lower interest rate. Depreciation: You’ll also have to contend with vehicle depreciation, or the rate at which your car loses value. ...

Will a car get more expensive if interest rates rise?

With another interest rate hike on the horizon, it's likely that financing a car will only get more expensive in the near term. In addition, car prices remain sky-high as automakers grapple with lower-than-average inventory and union strikes and recover from the semiconductor shortages. ...