It might be a better deal to head to car loan companies for a new car rather than a used car after a recent Kelley Blue Book report.
KBB found that the cost between a new car and similar car that is one year old, differs on average by 11.5 percent. Analysts have said this is the smallest difference in 14 years of tracking prices and is likely due to increasing prices of cars in the last two years.
The difference is even smaller in subcompact and compact cars, accounting for only a 5 to 7 percent price difference. With hybrids and midsize crossovers, the numbers are even narrower, accounting for a 4 to 5 percent difference.
Price differences do vary based on model. The smallest price gaps were found in the 2012 Camaro, which costs $26,180. A model that is one year older costs just $126 less. A new Subaru Impreza only costs $150 more than its one-year-old equivalent. On the other side of things, a 2012 Ford Focus costs nearly $3,000 more than the 2011 model because the 2012 vehicle was completely redesigned.