Comparing the cost of new and used cars
0https://docs.google.com/spreadsheets/d/1IzBsr100Hy3I81vUYgNwdciQbbYN2ZzDf12l5MzrpQQ/edit?usp=sharing
A response to "Comparing the cost of new and used cars" made by Bank of America
I took a look at the numbers that I was given and came to the conclusion that some values were screwed to show that the new car would be a small cost up from an old car (About $2,000 over 5 years)
After some review, I calculated that the difference between buying a new car versus an old car would be more like $9,000 over 5 years. That's more than 4 times the difference.
I would caution the buyer about buying new cars, as the cost is more significant than the advertisement would lead you to believe.
$7,000 is a lot of money for a misunderstanding of mathematics.
Bank of America Video: https://www.youtube.com/watch?v=I4ArgsnpYCw