Don't Lose Money On A New Car: Buy A Used Car Instead

If you love the way the newest models of cars look and you are eager to buy or lease a new car, you may want to think again. There are many reasons why you need to fight the urge to get the most expensive model available for the vehicle you want, and to get a used car instead.

There are many used cars that are high in quality and affordable, providing you with reliable transportation at an affordable price. Here are just a few reasons you want to pass on the price tag that comes with a new car.

Devaluation

The new car is going to decrease in value significantly right as you drive off the car dealership property. This means that within minutes of getting the keys the car is worth less than it was when you signed the purchase agreement.

Used cars can maintain their value for a long period of time, especially if you pick the right brand, model and make of car.

High Insurance Expenses

The insurance you have to pay is based on the value of your vehicle. The high value of a new vehicle means higher insurance expenses, and if you have a loan on the vehicle you need full coverage insurance. You can estimate the cost before you purchase a new or used vehicle or get a quote on a specific car from your auto insurance provider to know before you buy.

Leases Are Restricting

Leasing a vehicle can be very tricky if you don't read the fine print, and there are many reasons why people should avoid leasing if possible. You won't own anything once you are done paying on the lease, so you have just spent all that money without an investment, and you are limited on the amount of miles you can drive and what you can do to the vehicle. You also usually have to put down a lump sum of money in advance, which you could invest elsewhere or use towards a used vehicle you would own.

If you aren't sure if you want to pick a brand new vehicle off the lot and drive away with it, consider buying a used car with cash, or taking out the minimal amount for a used car. This is going to be a great way to avoid getting yourself into a lot of debt or dealing with the financial burdens of a new car. For more information, talk to those at a professional used car dealership, like Miracle Mile Motors.