Are used cars or new cars better? Keep in mind that a shiny new car loses value the second the tires touch the pavement outside the car lot. Now that question is an easy one. Since a car is a depreciating asset, meaning in general cars lose value with time, the best money decision is to purchase the car when it will tend to lose less value. Balance that with the time when the car won't need as much repair work. The slightly used car is about the best for both concerns. The big hit to car value has already occurred. That loss went to the original owner. The car is still in good condition, often still under warranty, so that it won't have need for constant and costly repairs like an older model car needs.
Late model used cars are available from a variety of sources. People who buy or lease new cars trade in their old ones to the dealer. The dealers want to sell those cars. eBay has a whole division dedicated to used cars, while specialty companies such as Carmax list thousands of them. Speaking of auctions, most cities have a lot of auctions taking place every day. These include police auctions of impounded vehicles as well as dealer auctions that might involve, for example, cars purchased from car rental companies.
The most trusted source for used car prices is Kelly Blue Book. Cars are shown by year, model, then with prices shown for various conditions. It also breaks down the prices depending on whether the car is being sold by a dealer or by a private individual. Because dealers pay overhead costs that private individuals don't, that distinction is shown.
Have you considered financing? First consider paying cash. That saves money in the long run. Sure, people like the fancy models. But consider something a little simpler with a few less bells and whistles. That can even mean a less stressful life. Theft, wear and accidents are bigger worries for people with fancy cars. A scratch doesn't mean as much on a less expensive car.
Sure cars are a status symbol, but wealth isn't based on what you spend. Wise spending turns into wealth. Most rich people get that way by saving money. Saving money on a used car can be one step to being wealthy.
Article Source: http://www.alltopinfo.com
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