Best Cars to Buy Used Instead of New in 2022 Due to High Depreciation
Are you thinking about buying a car? In general, you can get a better deal on a used car than a new one. On average, a new car has an 11% depreciation rate as soon as you buy it and drive it off the dealer lot. However, some cars have an even higher depreciation rate, especially luxury cars. Here are the best cars to buy used instead of new in 2022 due to high depreciation.
What are the best cars to buy used instead of new?
Cars are very expensive these days. High inflation and production limitations on parts such as microchips result in rising vehicle prices. These production shortages don’t directly affect the price of used cars, which makes them a more affordable option.
Bankrate compiled a list of the best cars to buy new instead of used, based on depreciation rates. This includes:
- BMW 5 Series: 36.4% depreciation after one year
- Hyundai Sonata: 36.1% depreciation after one year
- Infiniti Q50: 34.9% depreciation after one year
- Mitsubishi Eclipse Cross: 31.6% depreciation after one year
- Ford Mustang: 31.0% depreciation after one year
- Mercedes-Benz GLA: 30.9% depreciation after one year
- Infiniti Q60: 30.9% depreciation after one year
- Nissan Sentra: 30.2% deprecation after one year
- BMW 3 Series: 29.7% depreciation after one year
BMW 5 Series is the best car to buy used instead of new in 2022
With an average depreciation rate of 36.4% after one year, the BMW 5 Series is the best car to buy used instead of new. The starting price of the 2022 BMW 5 Series base model is $54,200, and grows considerably higher as you move up the trim lineup and add options. However, if you head to the used car market via Kelley Blue Book, Edmunds, or CARFAX, you can buy a used 2019 BMW 5 Series in the $30,000-$60,000 price range.
Furthermore, the 5 Series hasn’t had a major redesign since the 2016 model year. Recent 5 Series models have most of the same features as a new 2022 5 Series. As a result, you can save an average of around $20,000 with a similarly-equipped car.
Mitsubishi Eclipse Cross is the best SUV to buy used instead of new in 2022
With an average depreciation rate of 31.6% after one year, the Mitsubishi Eclipse Cross is the best SUV to buy used instead of new. The only other SUV to make the list is the Mercedes-Benz GLA, which has an average depreciation rate of 30.9% after one year.
The Mitsubishi Eclipse Cross is a mainstream model. With an already low starting price of $23,695 for a new 2022 Eclipse Cross, your savings when buying used won’t be as high compared to luxury vehicles. However, a 30.9% depreciation rate for the first year is still a considerable figure.
When you buy used, you can save considerably more money than buying new. Depreciation significantly reduces the value of a car. If you buy a used car from recent model years, you’ll often be able to enjoy many of the same features of the new version, especially if it’s a carryover model. Furthermore, many dealerships offer the added protection of certified pre-owned (CPO) vehicles with additional warranty coverage.