New cars like the 2023 Hyundai Genesis experience rapid depreciation, with a staggering $18,000 drop in value within just one year.
Dealer's Advice:
Avoid New Cars Due to Depreciation
Advantages of New Cars
When it comes to buying new cars, there are undeniable advantages. These include the ability to customize your vehicle to your liking, access to the latest and greatest technology, better financing rates, and the peace of mind that comes with warranties.
Benefits of Used Cars
On the other hand, used cars offer significant cost savings, lower depreciation rates compared to new cars, and the potential to upgrade to a higher-end model for the same budget.
The Rise of Certified Pre-Owned Cars
Certified pre-owned cars have been gaining popularity in recent years. These vehicles are backed by manufacturers, undergo thorough inspections to ensure quality, come with warranties, and hold their value better than standard used cars.
Viewers' Support for Certified Pre-Owned Cars
Many viewers are showing a preference for buying certified pre-owned cars over brand-new ones due to concerns regarding rapid depreciation.
Debate: New vs. Certified Pre-Owned
While the argument for certified pre-owned cars seems strong, some viewers argue for buying new cars based on their individual experiences. They advise keeping a car for at least 8 years to mitigate the effects of depreciation.
In conclusion, the decision between buying a new car or opting for a certified pre-owned one comes down to personal preferences, financial considerations, and long-term goals. Considering the substantial depreciation new cars experience, the rising popularity of certified pre-owned cars seems like a trend that is here to stay.