NEW YORK (MainStreet) New cars are expensive. It is easy to spend over $30,000 on a Subaru Outback, or more than $25,000 on a Toyota Camry, and both cars are functional daily drivers, not glamorous style statements.
That sticker shock reality is driving more car shoppers to shop used. A word of advice: stop right there. There are compelling reasons not to buy a late model used car.
Chew on this: because demand for used cars is hitting new highs, so are used car prices, said Mike Rabkin, president of vehicle buying service From Car to Finish.
By some measures, used car prices are the highest they have ever been and are closing in on new.
Case in point: at North Scottsdale Mini Cooper, a 2013 Countryman Mini Cooper S is on the lot at $27,500 (VIN WMWZC3C55DWP21938). It has 11,930 miles.
On that same lot, a new 2014 Mini Cooper S Countryman is available at $27,900. Another is $28,725.
Do the math.
Need more convincing? Read on for five reasons why buying used is the wrong way to go.