Today’s tough economic times have forced most of us to think creatively about how to best manage our personal finances. We may be taking brown bags to work for lunch more often. We may be renting movies at home instead of going out. The sports fans among us are bringing the family to minor league games, rather than paying the exorbitant costs associated with professional sports. The list goes on and on.
Another way that a lot of us are being smarter with our money is by investigating used cars as options for purchase rather than new. What follows is a list of three great reasons why that may be a very smart move:
- Value – You can flat-out get a lot more for your money with a used car. Most of us may not realistically be able to afford that loaded Infiniti with walnut trim or a luxury BMW with all wheel drive, but we may be able to afford it at only two or three years old with reasonable miles and still in great condition. After all, when people see you in the driver seat of one of those cars, they don’t know you bought it used. They just know you’re driving a gorgeous vehicle. Oh, and one that will probably last 8-10 years and 200,000 -300,000 miles or more anyway.
- Insurance – Much the same way that you may not be able to afford to buy that Infiniti or BMW brand new, you may not be able to insure it brand new either. Once a car is old enough, you may not need to carry certain parts of insurance like collision or elect for a higher deductible.
- Depreciation – The old saying goes something like, “A new car loses value as soon as you drive it off the lot.” Well, that’s sad but true. It’s estimated that cars lose about 20% of their value as soon as they leave the lot and another 10% after the first year of driving. So why pay for all that loss? Why not buy the car after all that depreciation has already been realized?
There are many great reasons to buy a used, rather than new car. An even better way to do it is from the privacy and comfort of your own home. JCH Auctions is a way for you to participate in New England public online auto auctions. We regularly schedule Online Public Auto Auction Events, offering a simple, easy, and stress-free online buying process. Please contact us today for more information on a great new way to buy a great used car.
