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New or used car

Date: 29.10.2015 Views: 41226 Comments: 1 Rating: Rating 3

Did you know as soon as a just-sold new vehicle drives out of the dealership it drops in value as it suddenly becomes a used car?

By buying a used car instead of a new one, you can save some money. A new car depreciates fast, especially in the first few years. After 3-4 years, a car is worth only about 60-70% of its original price.

New versus old

1. It is easier to pay-off a used car.
2. Buying a used car gives you more flexibility.
3. With a new car you could be locked in a lengthy contract.
4. It is more cost efficient to purchase a used car.
5. The insurance is often cheaper for a used car.

A gamble

Buying a used car is a bit of a gamble. Some used cars are excellent condition while others may have hidden problems. When buying a second hand car do not make hasty decisions. Take your time to sign the deal. Get the car inspected first and check the service history of the car.

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from Dennis Radburn, dated 21 February 2017

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