WHY YOU SHOULD NEVER BUY A NEW CAR
Thinking about buying a brand-new car can be very exciting. However, sometimes it might not be the the smartest move. Even though it seems great at first, there are some important things to think about that could change your mind. In this article, we'll discuss four reasons why you should never buy a new car.
Depreciation
The first reason is depreciation. Newer cars typically depreciate much faster than used cars. The depreciation is influenced by factors such as make, model, and condition of the vehicle. On average, new cars can lose around 20% of their value within the first year alone. After that first year, the depreciation typically slows down, but the car can continue to lose value over time. By the end of the fifth year, it's not uncommon for a new car to have lost around 50% of its original value. For that reason, buying a used car can be a better option, as used cars have already undergone the most significant depreciation and can offer better value for money.
More Reliability
Another reason to avoid buying a new car is reliability. It's tough to know if a brand-new car will work well because nobody has driven it yet. But with used cars, you can find out how reliable they are by checking websites about different cars' history. By doing some research, you can find a reliable used car, that fits what you need, and is affordable. That means you can get the right car for you without worrying about it breaking down after a year of owning it.
Lower Cost
The third reason is the overall lower cost. It might seem obvious, but it's still important to mention. By choosing a used car, you could save thousands of dollars. Let's say you want to buy a brand-new 2024 Toyota Camry. Opting for a 2019 version would still give you that new car feeling without overspending.
Lower insurance
The last reason you should avoid buying a new car is lower insurance costs. Now obviously, the cost of insurance will depend on the make and model of the car. However, generally, insurance tends to be lower for used cars than for brand-new ones. Considering that you have to pay for insurance monthly, you could not only save money by getting a used car but also save money on insurance.
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