Money Tip | Don't Buy a Brand New Car
I know yall have heard this before but don’t buy a brand new car!
👉🏼Obvious but….. They are more expensive. I know the new smell is nice and the thought of “I’ve only driven it” is nice to think about I guess…but have you ever had the thought “ugh someone drove this before” when you have a used car? The answer is probably no but I could be wrong for a few of you out there.
👉🏼The depreciation for a new car is greater than a used car. You could buy a new car for $30,000 and it will only be worth about $15,000 3 years later. That’s $15,000 in depreciation. If you bought the same car for $15,000 but it’s 2 years old, 3 years later you could sell it for $10,000. The used car depreciation is only $5,000. That’s a $10,000 difference. Now would you rather have a car that smells new or $10,000 extra dollars in your bank account?
👉🏼Interest rates and insurance rates are higher for new cars
👉🏼A shiny brand new car may be more likely for theft or getting broken into
👉🏼Just like with aging, we all get older no matter what we do…. New cars will become used cars. They all lose their shiny luster just like our aging skin UGH.
👉🏼I always suggest buying used cars with 60,000 miles or less. This way it is still reliable and not too old!
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