Owning a car is a great way to experience transportation
freedom, and buying a used car rather than a new car is also a great way to be
money savvy. Many dealers offer pre owned vehicles that are certified,
inspected, and even have extended warranties. This makes purchasing and owning
a used car a smart investment, especially since new vehicles have rapid
depreciation rates compared to older vehicles. CARFAX notes
“According to current depreciation rates, the value of a new vehicle can
drop by more than 20 percent after the first 12 months of ownership. Then, for
the next four years, you can expect your car to lose roughly 10 percent of its
value annually. This means that a new car can be worth as little as 40 percent
of its original purchase price after five years.”
Obviously purchasing a previously owned vehicle has benefits and advantages.
Cars like Cincinnati OH pre owned Fords for sale or other
cars will satisfy perspective shoppers. Whether drivers are looking for a small
or large vehicle, there are plenty of available options. There are previously
owned vehicles that can transport big groups of friends and ones that are fuel
efficient. There are also models with great safety features and ratings. The
Insurance Institute For Highway Safety has an easy to use website where
specific information about everything from small cars to minivans and large
trucks can be viewed.
For shoppers you would like to upgrade to a newer used vehicle, there is always
the option of doing a trade in. This is usually faster than attempting to do a
personal sale of a car and this way the trade in and purchase of a different
used vehicle can all be combined. Always be aware of current loan balances on
trade in cars and also do research ahead of time to be knowledgeable about
their value. CARFAX also offers a great way to check the
value of both a currently owned vehicle as well as a perspective vehicle by
entering a zip code and VIN number.
Sometimes dealerships offer special sales and incentives. Just as it is a good
idea to read reviews and safety ratings about vehicles, it is also a shrew
practice to read dealership reviews. Also, always take a test drive of any
perspective used vehicle. Although it can be tempting to do a same day
purchase, some shoppers prefer to shop around and allow all of the information
to settle before moving forward with an actual purchase. After making a
purchase, be sure to update all information with the insurance company. When
communicating with the insurance company, verify if gap insurance is suggested.
Luckily, it is usually something suggested more for new vehicle purchases but
it is best to cover all of your bases.
When the purchase is made and insurance is in place, enjoy your previously owned
vehicle. Having a personal set of wheels means not depending on public
transportation, friends, or a taxi service. It is a great feeling and a wise
financial move.