- New cars lose 10% of their value within the first month of ownership and 20% within the first year.
- That's bad news if you're buying a new car, but great news if you're buying a used one.
- Here are seven of the best used cars you can buy.
- Visit Business Insider's homepage for more stories.
There's an old adage that a new car loses 10% of its value the moment its first owner drives it off the lot.
In fact, according to CARFAX research, that 10% depreciation occurs over the first month after the sale. And over the course of its first year, a new car will lose about 20% of its overall value.
This rapid devaluation is bad news for new car owners, but welcome news to the used car buyer.
So what are the best used cars to buy? According to Matt DeLorenzo, senior managing editor for Kelley Blue Book, the four-door sedan is always the best bet.
"There is a current crop of good, solid compact cars that have high feature sets and good fuel economy," he said, adding that car buyers should look "particularly (at) those from Asian brands."
And no matter what used car you end up considering, DeLorenzo says: "Get a vehicle history. Check safercar.gov for recalls."
Read on to see seven of the best used cars you can buy.
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