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ericpetersautos.com / Eric Peters / May 19, 2017 You might want to buy a used car while they’re cheap – but not just because they’re cheap. And cheap they are. Because of unprecedented desperation tactics to sell new cars – including under-bid incentives, cash back offers and “free money” loans at zero or nearly zero interest. Which the car companies have had to resort to during the past year in order to fluff up wilting sales (and sales are wilting regardless). When you make new cars so attractive – so cheap – to buy, what happens is that used cars become even cheaper to buy. It is hard to sell, as a for-instance, a $17,000 three-year-old Camry when you can buy a brand new one for around $22k out the door – especially when the payments on the new car are lower because the interest on the loan is less  and because the payment on the new car can be stretched out over six or seven years, while the loan on a used car is shorter in duration – because of the lesser value and faster depreciation of the used car. READ MORE The post A Great Time to Buy a Used Car . . . But Not Because They’re Cheap appeared first on Silver For The People.

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