Warning: Used Cars -- Find Helpful Guide

Are used cars or new cars better? New cars begin depreciating the second you sign the papers. That makes the question a lot simpler to answer. 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. That of course combines with the concern over the state when a car needs less maintenance. The slightly used car is about the best for both concerns. The largest decline in value has already happened. Someone else absorbed that loss. 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.

Many sources provide these slightly used cars. People who buy or lease new cars trade in their old ones to the dealer. Those cars than have to be sold. 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. Dealers auction cars, as do cities when police confiscate them from criminals.

Kelly Blue Book is the place to look for used car prices. Cars are shown by year, model, then with prices shown for various conditions. Sale by an individual or dealer is also shown. Because dealers pay overhead costs that private individuals don't, that distinction is shown.

Have you thought about the financing for the used car? Think about saving up the pennies and making a cash purchase. No matter how low of an interest rate or how low the monthly payments, nothing helps the monthly budget like not having to make any car payment. It's nice to own a top of the line auto. 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.

With wealth it's not what you buy. Net worth comes from saving. There are people living hand to mouth even though they earn a lot of money. Good used cars help the budget.

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