For those of you looking at brand new/used cars, thought you might take a quick look, and just some
Thought on the subject.
Buying a used car is less expensive upfront. For example, a 2017 Hyundai Sonata is listed at $21,950, while a 2015 model has an average fair market value of just under $14,800, according to Kelley Blue Book. By dropping just two model years, you’d save around $7,000, about a third of the suggested retail price.
Comparing the costs of buying new versus used starts with the real money-saver in buying a used car: depreciation. This is the amount of value a car loses as it ages.
Besides the savings in the purchase price, there are other benefits to buying a used car. You’ll face lower insurance rates with an older car. This is because it would be less expensive to repair or replace a used car if it were stolen or in an accident. Annual registration fees are also less expensive for older cars.
- UPSIDE for buying a new car.
- Easier shopping
- Lower financing rates
- Newer technology
- Warranty coverage—although we offer the same warranty 3 years 36,000 miles.
Your decision
Buying a used car usually is the better financial bet: The purchase price is lower, you avoid the biggest hit from depreciation, and you pay less for car insurance. However, other factors could still push you toward buying a new car. You may pay more upfront, but depending on the car, the price could be made up in low financing rates, warranties, new features and convenience.
#NEWCAR #usedcar #Maintenance
