2nd Hand Car
2nd hand cars or new
It is not surprising that sales of 2nd hand cars are increasing, while new auto sales are dropping dramatically. Except for the fact that more families are feeling the strain of the depression, it’s often been the case that quality 2nd hand cars are generally a considerably increased value than purchasing new off the lot.
Admittedly it’s a superb sensation to drive off in a brand new automobile with that “New Car smell”, but it almost always makes more monetary sense to buy 2nd hand cars.
New automobiles by some guesses lose up to 35%-40% of their price inside three years, at which point the depreciation starts to subside. 40 % is a steep price to pay for the quietness of mind of a factory guarantee and a new smell, particularly when you factor in that cars these days are constructed to stay on the road much longer and be more trustworthy. There’s no reason a car which is correctly maintained should not last a very long time without extreme repairs.
So from the issue of Depreciation, the first owner is the one that takes the most important hit. But that is not the solitary area where it is more cost effective to purchase 2nd hand cars. In addition, lower insurance premiums, lower registration costs, lower licensing and lower taxes costs are the norm for 2nd hand cars also. And also with the lower purchasing costs, if financing is taken, comes lower financing costs in the form of less interest paid and lower financing fees.
All of these benefits combined provide a strong motivation for purchasing quality 2nd hand cars over new models. But likewise, there are negatives to buying 2nd hand cars which one needs to at least consider. The most evident consideration being, an expired or expiring guaranty means any repairs will have to be covered out of your own pocket. The more miles accumulated means the possibilities for repairs also increases. But as mentioned earlier, a properly serviced automobile should last a very long time without requiring major repairs.
But there’s one other factor which many people forget to consider when buying 2nd hand cars. Newer model cars often have improvements in safety apparatus and safety performance over prior models. This could need a bit of research on the part of the buyer to establish if any changes in the area of safety justify the increased costs. But it has been the conclusion of many that, at least in vehicles differing in age by only a couple of years, the differences do not merit the OTT extra costs of owning new. But this is a call each individual must make for themselves.
On a related note, a important resource for anybody considering the acquisition of 2nd hand cars can be found here, and more specifically in this article. Although written for a Minnesota based Blog – the resources mentioned can be utilzed throughout the country.
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About the Author
David Marquez – ataquepanico.com
2nd Hand Cars from CAGAYAN ECONOMIC ZONE 7/29/08
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