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There is a great experience buying a brand new car. You are the only one that has owned your car. There is also nothing better than that new car smell. However, buying a pre-owned vehicle can save you money. In fact, did you know that you can save as much as $2000/year if you never buy a new car again? Be careful though, you need to make sure that the car you are buying is in good running and physical condition.

Buying new vs. buying used is not as black and white as you may seem. When looking to purchase a pre-owned vehicle, you have many options.

Avoid new car depreciation!
Did you know that a car's wholesale value decline 30-40% of the original sticker price in the first two years? For example, a $30,000 vehicle will be worth around $24,000 after one year and around $19,200 after two.

So, if you want to buy a new car, a good idea would be two look for a car coming off a two-year lease. Not only will you avoid the initial hit of depreciation, you can get a really good deal on a vehicle.

So many options of used cars to choose from!
The auto leasing business is more popular than ever. When looking to buy a car coming off of a lease, you will have many options to choose from, including luxury cars.  With the auto leasing business booming, there are plenty of cars to choose from, including luxury cars. As mentioned you can save anywhere between $1000 - $2000 if you choose to buy a two year old car instead of a new one.

It is also smart to consider that specific makes and models of cars vary very slightly every year. So, in all likelihood, you buying a pre-owned car will get the same car for less money.

Instead of spending extra money on a new car, invest your money!
Do you currently put any money aside for your retirement? Think about this...if you take the money that you would save annually from purchasing used cars and invested it in a tax-deferred mutual fund for 30-40 years, with a 8% return you can earn over $300,000.


Related Info:
 - Interest Rates
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Things to consider....
Before buying a used car, you should check out the benefits of purchasing a new car.



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