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This is a tempting time to be a lover of cool cars. Thanks to lease offers, low interest rates, and low gas prices, it’s gotten dangerously easy to drive off the dealer lot with a brand new luxury car.

Buying a used car is almost always a better deal over the long term than buying or leasing a new one. That’s the classic personal finance advice, and it still applies. But in recent years the irresponsible choice has gotten a lot more enticing.

Low interest rates make it possible to afford pricier cars for the same monthly cost. In the past five years, the average vehicle’s cost is up about $5,000, to almost $33,000. Despite this, the monthly payment on that car is up only about $30, an analysis by Bloomberg Intelligence shows. That’s because the interest rate on the average five-year auto loan is now only about 3 percent per year, down more than four points since 2009.



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