The Used Car Sweet Spot
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Title : The Used Car Sweet Spot
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You are now reading the article The Used Car Sweet Spot With link address https://newstoday-ok.blogspot.com/2018/05/the-used-car-sweet-spot.html
Title : The Used Car Sweet Spot
link : The Used Car Sweet Spot
news-today.world | Buying a new car is always a bad decision – financially. It doesn’t matter which brand or make or model. You will always lose money.
It’s just a question of how much.
All new cars bleed value like the Titanic took on water after it hit the iceberg. Even the least-“leaky” ones, from brands with high resale value – Toyotas and Hondas, for instance.
Both make great cars – reliable, well-built, etc. But that’s not the issue.
Even the cars which depreciate less horribly than others – those Toyotas and Hondas – still lose about 20 percent of their value during the first 12 months you own them. If you buy a new car for $35,000 – which is the average price paid for a new car – you can expect to take a $7,000 haircut on the car during that first year.
Not counting the additional money you spent on full coverage insurance (based on the replacement cost of a new car) and property taxes, in states/counties that get into your pocket that way, too.
After six or seven years, that $35,000-when-new car will probably have lost about half its value, $17,500. That’s not a haircut.
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It’s just a question of how much.
All new cars bleed value like the Titanic took on water after it hit the iceberg. Even the least-“leaky” ones, from brands with high resale value – Toyotas and Hondas, for instance.
Both make great cars – reliable, well-built, etc. But that’s not the issue.
Even the cars which depreciate less horribly than others – those Toyotas and Hondas – still lose about 20 percent of their value during the first 12 months you own them. If you buy a new car for $35,000 – which is the average price paid for a new car – you can expect to take a $7,000 haircut on the car during that first year.
Not counting the additional money you spent on full coverage insurance (based on the replacement cost of a new car) and property taxes, in states/counties that get into your pocket that way, too.
After six or seven years, that $35,000-when-new car will probably have lost about half its value, $17,500. That’s not a haircut.
More
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You are now reading the article The Used Car Sweet Spot With link address https://newstoday-ok.blogspot.com/2018/05/the-used-car-sweet-spot.html