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Is buying a new car at 0% APR better than buying a used car at 3% APR?
Is financing a new or used car better? I don't know whether I should buy a new or used car. The dealer near me is offering 0% APR for new cars, but I also got approved for 3% APR on a used car.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“This is highly dependent on the price of the cars and your budget.
Think about it like this. If you buy a $25,000
new car
with 0% APR for 60 months, your monthly payment is $417.So it’s all in the eye of the beholder. If you can get a quality vehicle for $15,000, why would you pay more? Is it for status? Or just a preference?
There’s no wrong answer, but making out a spreadsheet of your budget may help.”
View full answer
- Gregory R.
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