Cars are an important part of our lives. Chances are, you need a car to get to work, hangout with friends, and go to the park. Where would we be without our cars? Unfortunately, cars have become increasingly expensive thanks to the pandemic and its associated problems. Because of this, some people are considering buying new cars over used cars. This may seem to make sense if the price points are similar.
However, in this video, you will learn which is better.
New cars are a risky investment. They depreciate huge amounts right as you drive them off the lot. They also have higher insurance premiums and auto body repair costs can be expensive. These costs can take a year or two to lessen. The depreciation continues to drop the car’s value off a cliff for this first year or two.
Used cars are a much better investment. While they still depreciate with usage, it is much more subtle compared to a new car. They also carry lighter insurance premiums and cheaper auto body repair costs. Lastly, they are much cheaper to buy up front than are new cars.