How to Avoid Car Depreciation Costs

How to Avoid Car Depreciation Costs

There are a lot of expenses that come with owning a car. There are regular maintenance, repairs, and of course, fuel prices to keep in mind when purchasing a new vehicle, even if it’s from a used car dealership. 

used cars
However, the most substantial blow to your budget by far is car depreciation or the rate at which a car loses value. This loss in value is especially important to be aware of when purchasing used cars since even new cars have a significant drop in value even after just a year. So how do you prevent depreciation when buying a car? The trick is to take advantage of used cars.

Car Condition

Start with purchasing from used cars that are in good condition. This way, you can save some money from the beginning. Especially be on the lookout for a certified pre-owned vehicle that is coming off a lease. This kind of used cars will typically include warranty coverage, which can give you peace of mind about your purchase.

New Buyers

Thanks to the recent trend in new car sales, there is now an abundant supply of off-lease used cars on the market. According to Cox Automotive, these “gently used” vehicles are usually marked at a significant discount, drawing many potential new-car buyers looking for a better price. This means that even used cars can have a high value on the market. 

Bigger Discounts

According to reports by Cox Automotive, new cars are rising in price. This trend is good news for those looking to buy used cars. According to data from Edmunds, 3-year-old used vehicles are over $13,000 less than the newer models. Three years is usually the amount of time it takes for used cars to come off lease.

Looking for a new car? At Automatic Car Credit, we are confident that our qualified staff can help you find the perfect vehicle. We offer a unique car-finder service to broaden your options and we’ll help you handle any credit problems in a friendly, relaxed sales environment. Visit our website today to learn more.

Sources: https://www.cnbc.com/2018/09/21/car-depreciation-is-a-budget-killer-heres-how-to-avoid-it.html?__source=facebook%7Cmain


Leave a Reply

Your email address will not be published. Required fields are marked *