Sometimes It Pays to Buy a New Car

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Skyrocketing prices on some small, fuel-efficient used cars means you need to tread cautiously before you pick used over new. We asked Vincentric, an automotive data company, for three-year ownership costs for new and used Toyota Corolla LE's -- including depreciation, interest on your loan, insurance, fuel costs, maintenance and repairs.

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The three-year costs of a 2009 Corolla you buy from a private party are $20,520; for a 2009 certified preowned Corolla, which commands a higher initial price because it comes with a one-year comprehensive warranty, they're $22,015. But the three-year costs for a brand-new Corolla are only $20,944. When you factor in higher prices for the used Corollas plus the costs of maintenance and repairs, it's clear that buying a new one is a better deal.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Personal Finance , Insurance

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