The start of a new year signifies change and progress and a fresh start in many areas. From making firm commitments to a healthier lifestyle, starting a new job or making time to spend with friends and family more often.
For many people a new year is also a time to get a new car. However, instead of opting for a new car, consider a pre-loved car that is in excellent condition. Here are a few reasons why:
- Instant Depreciation
The moment you drive a new car out of the showroom, it immediately depreciates in value. Generally cars depreciate at a rate of between 15% to 20% per year and if the car is new, it can depreciate at a rate of between 25% to 30% within the first year. The value of previously loved cars does depreciate but at a slower rate of between 10% to 15% depending on the age of the car.
- More Bang for your Buck
If you opt to purchase a pre-owned car, you will most likely be able to find a slightly older model car with a greater number of features, at the same or at a lower price than a new car, with fewer features.
- Maintenance or Mechanical Warranty
Many people want the same peace of mind of driving a reliable car that is within its service and maintenance plan. If you buy a pre-owned vehicle from a reputable dealership it could still be within the original service plan or you might have the option of extending the service plan.