In a world constantly on the move, you need a vehicle to get you where you need to go throughout the day. That said, there are few reasons to buy a brand-new car unless you simply have thousands of dollars to spend for fun. When the goal is to save money wherever possible, only a used car can give you what you need from the start. Whether you live alone or have a family of four to maintain, the right choices make it possible for you to budget for your needs in a more realistic way.
The moment you purchase your vehicle and drive it off the lot, it is no longer new and is instantly worth 20% less than when you bought it not an hour prior. Most cars lose another 10% in value during their first year of use and they can lose even more depending on the way they are driven during that time. In short, up to 30% of your vehicle’s value is lost within the first year of owning it, but you can avoid that hit in value by choosing a used vehicle that is a year old.
That said, it can be difficult to find one-year-old used cars, but it is simple to find two- and three-year-old used cars. If you make clever choices, you may even be able to buy the right used vehicle, drive it, and then sell it with little loss in equity. Buying a car that is two years old and then driving it until you cannot drive it any longer is the most cost-effective way to own a car.
Canberra cars for sale are often easier to insure at cost-effective prices than new vehicles. This is due in large part to the fact that insurance is commonly based on the value of a vehicle. If the value of the vehicle is less, you are more likely to get insurance coverage that is less costly. In addition, some elements of the insurance may be dropped depending on your situation, which can cut prices down even more. Once a car is old enough, insurance will be lower each month and easier to obtain.
On average, used vehicles are 30% lower in price than new options, making it possible for you to save thousands and pay off your financing sooner. Monthly payments are lower when there is less to finance and this can make monthly bills simpler to stay ahead of in the long run. No matter if you need to buy an SUV or a small car just to take you to work and back, you can rely on a used option to make every aspect simpler. By making clever choices from the start and relying on quality vehicle manufacturers, you can drive a new-to-you vehicle off the lot without any of the unreasonable prices associated with brand-new models. The long lifespan of modern vehicles will ensure that you get to enjoy yours for the next decade or longer, depending on maintenance and usage.