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It's foolish to buy a brand new car. Depreciation can be an advantage, rather than a disadvantage.
I don't have a lot of money, so I always look for maximum value. Very old cars cost more in repair and maintenance, whereas brand new cars cost more up front. I've seen several studies that claim that the depreciation on a car is always greatest within the first three years. Therefore, it seems to me that in order to get maximum value the best option in terms of age is 3-5 years. You can let some other sucker take the huge depreciation hit and then turn his loss into your advantage by buying a car that is almost new and still in great shape for typically about half the cost.
Dealers aren't the only option when it comes to financing. Have you looked into what the rates would be like at a bank? It's to your advantage to shop around. Also, don't get suckered in by a teaser rate.
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I wake up in the morning more tired than before I slept
I get through cryin' and I'm sadder than before I wept
I get through thinkin' now, and the thoughts have left my head
I get through speakin' and I can't remember, not a word that I said
- Ben Harper, Show Me A Little Shame
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