Buying a new vehicle in 2016, should you go for a 2017?

You have just committed to buying a 2016 vehicle when all of a sudden, you notice that there are 2017 model-year vehicles coming into the showroom. They both are new and both are available to you. How do you choose which one to buy?

Only in the automotive industry will you find a 2017 model of anything even if we are not even halfway through the current year. This summer, there will be even more 2017 models to choose from. For buyers, this can lead to a bit of questioning given that there are advantages and disadvantages to each alternative.

The first thing you want to look out is how “new” this 2017 model is. Sometimes, vehicles change drastically from one year to the next as a new generation is introduced, but other times there are very few changes to note. Specifically, you want to look at how the vehicle improved in terms of space, design, safety, technology and performance and/or efficiency, and see if the 2017 vehicle better suits your needs than the 2016 variant.

You also want to consider price, there will less incentives and rebates on the 2017 model than on the 2016 as both the dealership and the automaker want to get the older model out the door. If you are leasing or financing, the interest rates may be higher. Overall, it will cost more to buy the 2017, so you have to factor that into your decision.

Finally, remember that the resale value of the 2016 model will be slightly lower than the 2017 down the road. This is because even if they were purchased on the same day, one seems more recent and that brings its value up.

Thank you to Bruce Ford for their help with this article.