Are you itching to buy a new set of wheels this weekend? Look for a Chevrolet Captiva Sport.
If recent history is any guide, you are far more likely to find a deal on this compact crossover than on other used vehicles this Memorial Day weekend, according to an analysis by iSeeCars.com.
The website defines a “deal” as a discount of at least 5 percent off the average used car price of $19,040.
iSeeCars analyzed more than 18 million used car sales from 2014 through 2016 to determine which cars have more deals on Memorial Day weekend compared with an average day during the year. The following vehicles came out on top:
- Chevrolet Captiva Sport: 39 percent more deals over Memorial Day weekend
- Mercedes-Benz M-Class: 25.9 percent
- Chevrolet Impala Limited: 11.7 percent
- Lexus RX 350: 11.5 percent
- BMW 5 Series: 11.4 percent
- Subaru Outback: 8.9 percent
- Chevrolet Silverado 1500: 6.8 percent
- Mazda CX-5: 6.7 percent
- Mercedes-Benz E-Class: 6 percent
- Toyota Prius: 4.8 percent
If you’re wondering why — as I did — you’ve never heard of the Captiva, it might be because Chevy discontinued it after three model years (2012-2014).
The iSeeCars analysis was limited to used cars — specifically, used cars from the past five model years (2012-2016). But that’s more of a service than a limitation for shrewd shoppers who know better than to sink money into a brand-new car.
We discussed the wisdom of buying a new car in “Beware These 12 Common Money Mistakes,” which explains:
“As soon as you leave the dealer’s lot with a new car, your new car or truck depreciates 10 percent, and then another 10 percent by the end of the first year … Registration and insurance are also more costly for new cars.”
That lost value represents money that would be worth a whole lot more later if you bought a used car instead — and stashed the savings into a retirement account.
Take it from Money Talks News founder Stacy Johnson, a millionaire who proudly shares the fact that he’s never bought a new car. He recently wrote in “Want to Be Rich? Here’s All the Advice You’ll Ever Need, in 10 Simple Sentences”:
“Diverting your investable cash into things like cars, clothing, vacations and houses you can’t afford will make you look rich now, but prevent you from actually becoming rich later.”
Do you have an opinion on buying new versus used cars? Share it with us below or on our Facebook page.