Buying a Second hand car or used car will definitely save big amount of money . when you purchase a new car its looses 20 % of its value in minutes.
You are ready to buy yourself a vehicle and you are enticed by the idea of purchasing a new car. While the idea might be very appealing, I suggest that you pump the brakes. In a survey by the National Automobile Dealers Association, the average person is said to own about 13 cars in his lifetime with each of those cars costing about $30,000. Based on these statistics, you would save nearly $130,000 if each one of those cars was old instead of new. We will consider some reasons to reconsider the idea of buying a new car over a used one with the major reason being money saving.
You will save astonishing amounts of money over your life when you understand how car depreciation sucks up your money. You may have heard that a new car you buy loses 20% of its value the moment you pay for it. As dreadful as it sounds, this is true. A new car that cost you $30,000 will lose up to $6,000 the very minute you drive off. By the time you have owned the car for a year, mileage, as well as wear and tear can easily bring that value up to 30% or $9,000. Most people are oblivious to this major loss because it takes effect much later when they choose to sell or trade in that car.
So how is a used car better off in this aspect? Let us consider the depreciation of a new car versus that of a used one.
New car, bought for $30,000 and is sold 3 years later for $15,000. The car has cost you 50% in depreciation.
However, the same car, but bought 3 years later at $15,000. You can eventually sell the car 3 years down the road again for $10,000 costing you only $5,000(33%) due to depreciation. The difference is pretty obvious.
Forget the baseless stigma attached to used cars.
Many people put down used cars by referring to them as a way to buy other people’s problems. This is not true anymore as cars are more dependable today than they have ever been. Many cars can easily deliver 100,000 miles (nearly 150000 km) before they need any major repairs. Even maintaining modern automobiles has become much easier as you can go for longer periods between maintenance visits.
Other benefits of buying used cars include:
- Lower auto-insurance rates: The principle is simple. When a vehicle is worth less money, it takes less money to ensure it.
- Registry renewals cost less: It gets cheaper to register a car every other year it’s used. Simply put registration fees cost less over time.
- You can move up to a more luxurious car: Because you save up to 30% by buying used vehicles, you can shop in a higher class of vehicles than if you bought a new car.
You may feel that nothing compares to driving a new car, but the truth is that the disadvantages and costs easily outweigh any perceived benefits.
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