You might be tempted to buy a brand-new car with a warranty and the bragging rights to show to your co-workers. But it’s not always the optimal choice to buy a fresh from the factory car right away. It could be a more financially efficient choice for you to opt for a second hand model. If you’re not someone who’s all about the bragging rights, you know that functionality is much better than flashiness.
The financial benefit
First, you have to consider how you’ll be using the car. Most company vehicles that are leased to their employees are of high quality and are often the latest models. The employers bring in a loan for the lease as the company cars won’t be ‘owned’ by the employees but will have to be returned by the end of the lease duration. The benefits are of course being able to drive a brand-new car, but the cons are much more significant as any damage will be at the cost of their pay check.
If you’re looking for functionality while at the same time being able to own it faster than a brand-new car, then buying a used car will allow the benefit of having your mode of transport at a low price. You can use the savings that you’ve earned by owning a second-hand car to add to your investment in buying a brand-new one.
Depreciation
Cars nowadays are almost built in the same way as cell phone models. Chances are you’ve seen people move from one phone to the next within two years; that’s because phone manufacturers intentionally shorten the lifespan of their newer models so that consumers will be made to buy the latest model that they will release in half a year. You will no longer be surprised at how fast phones die out compared to the old days as firmware updates are also being cut off from older models which makes them unable to be used with the model that you might still have.
New cars are much more fragile with their depreciation going down as much as 11% just by getting it off the lot. Used vehicles have already depreciated and had the opportunity of gaining more value if the current manufacturer has cut off the production of the model. Your investment could turn into a potential goldmine without you knowing it.
Buying local
Shipping costs are the trickiest ones to deal with especially if you live far away from a retailer. Buying a car from a retailer mean that you would have to place an order for delivery. The costs will then be considered as ‘additional fees’ to your payment which can range from cheap to expensive. Buying used cars in Utah will most likely have the same sale price of the vehicle regardless of where you buy them. The trick is in figuring out how to find a great deal by doing an inspection of nearby areas that sell used cars.
Image: Pixabay.com
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