Advantages of Buying a Used Car Who doesn’t love their cars? We may even love them too much that we judge and are judged based on what we drive. We place excessive emphasis on driving but the best automobile that we’re happy to pay for something that falls in value like a sack of rocks. If you are searching for a way to become penniless and remain that way, stop thinking and just grab that new car at the dealership. If you want to use your head, better. Let’s begin from the top. For most individuals, a car is the second most expensive item they will ever own in their lifetime (after a house). Because you’ll likely spend tens of thousands of dollars to purchase and maintain a vehicle through the years, you have to be careful about what you buy and how you buy it.
Practical and Helpful Tips: Vehicles
If you have no contingency fund and are deep in debt, think a dozen million times before you buy a car. Cleaning up your financial mess should come first. It’s ok to drive a beater car while you’re working on getting out of debt. The moment you’re debt-free, you can always upgrade.
The Beginner’s Guide to Sales
A new car decreases in value by 60% to 70% within the first four years; if you stay away from new automobiles, you will save you a lot just on depreciation. Buying a $30,000 ride and selling it four years later for $13,000 isn’t smart. Technically, only those with at least a $1 million net worth are safe buying new cars. Always pay in cash is the first rule of buying a car. Avoid car loan payments at all costs. It’s not unusual to make a $400 payment for a car. If that’s possible for, then saving the same amount monthly can also be done. If you can do that for 10 months, you can buy a used car for $4,000 while you go debt/interest-free. While we’re on the subject of payments, avoid the car lease trap. Aside from surprise charges, fees and mileage, it’s the most expensive way to own an automobile. After you’ve saved the cash and selected a set of wheels you really like, do not allow yourself to be emotionally attached to it. Stay objective walk away. It’s only a car, and if the seller senses that you are dying to buy, they won’t make you a deal. Bring your mechanic (or anyone you know is an expert) to check the car’s condition. Quietly take your time examining the vehicle. Allow the seller to come down on the price. All these may sound rather basic – just the way they are. Buying a vehicle need not be complicated. Buy used in cash. You can only thank yourself later.