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Why higher trims on used cars are better than on new cars
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Car buyers taking out longer loans: Car dealership owner
Woody Buick GMC owner Woody Woodring discusses car buying trends with FOX Business’ Grady Trimble.
Even though all the extra features and higher trims seem more appealing on a new car, they’re probably not worth it, according to one report.
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Automotive website Edmunds found that American buyers are spending more on their new car for higher trims — which can add more than $10,000 on average to the base price of a car.
About 10 years ago, higher trims added only about $6,500 — a considerable trend, even taking inflation into account.
However, according to Edmunds, “the data shows that [higher trims] don't hold their value over time.”
Though higher trims aren’t always worth it, either way, that can mean better safety features, a more powerful engine, leather seating and upgraded technology, Edmunds said. Plus, they can give the car more value in the future
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That’s something used-car shoppers can take advantage of, the website said.
Edmunds gave six examples of the price difference between trim levels on three-year-old models — though the actual numbers will vary on location and trim level, the site noted.
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For a 2016 Ford Fusion, the used trim difference is $4,182, while the maximum trim level price difference on new models is $10,520.
A 2016 Acura RDX has a used trim difference of $4,796 and a maximum trim level price difference of $8,150.
According to Edmunds, the used trim difference for a 2016 Toyota RAV4 is $6,065, but the maximum trim level price difference on new models was $8,560.