Buy a used car and save money If youve decided to buy a used car, youve already made a smart decision. You can get a car thats in the same league as a brand-new one without suffering the depreciation that wallops new car buyers as soon as they drive the car off the lot. Used cars, even those newer models, are 30 to a whopping 80 percent cheaper than new cars. New cars typically depreciate about 20 percent when they are driven off the lot. Most cars will lose another 10 to 15 percent in value during the first year. Thats over a 30-percent loss in value during the initial year of ownership. But there are other good reasons to buy a used car: • Buying a used car means you can afford a model with more luxury/performance. • Youll save money on insurance. • Bigger bargains are possible for the smart used car shopper. (Ex: Bank Repossession Vehicles) • With the right used car, its possible for an owner to buy it, drive it and sell it with little to no loss in equity. • At auction, YOU set the price youre willing to pay. • Used cars are more reliable today than ever before. • The history of a used car can easily be traced using the VIN number. • Financing rates for used cars have dropped in recent years. • The fee that states charge to register a car is based on the cars transaction price. Michigan has high registration fees in an effort to generate more revenue. Buying used is an effective way to stunt those increases. • You can OWN a car free and clear and, depending on the deal, often times for what a person would spend on a few monthly lease payments for a new model.
Posted on: Fri, 17 Jan 2014 22:56:06 +0000