New cars are great, not much beats the feeling of driving off the showroom floor for the first time. But the price to pay for this luxury is a big one, yes, the purchase price is high, pushed even higher for any additional equipment you may specify, but it is the unseen depreciation that will cost you the most come resale time.
Most buyers don’t consider this aspect of new car ownership and depending on the make and model, a car can lose between 10% to 35% of its value in the first year. That is a big chunk of change, most cars are worth only about half of their original purchase price by the time they are 3-years-old.
If you still hanker after that new car smell but don’t want to pay the steep costs associated with it, a nearly new 1-year-old model may be a far savvier purchase.
Our list covers a wide range of prices and models to highlight the savings that can be had from budget hatchbacks right up to luxurious saloons.