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Thinking of taking that vacation but don’t know how to budget your savings for a car AND hotel accommodations? You don’t have to spend on a new car because you can save money in used cars instead. Buying secondhand gives you plenty of extra cash you can allot for other things, such as a hotel room upgrade or a dinner cruise by the bay. It also saves you from the pain of depreciation, when a new car loses up to thirty percent of its value as soon as it’s driven off the dealership lot. More about depreciation Did you know that cars can lose up to fifty percent of their value after only three years of their ownership? Some models keep their value more than others; these tend to be kept by their owners for a longer period because these can still be sold at a higher-than-average price. Other models aren’t so lucky, and some of these end up in used car dealerships. This doesn’t mean, however, that they have poor quality. There are a lot of good cars being sold for the simple reason that the former owners have invested on a new car, or the original owner has died, or for some other purpose. The marked-down, secondhand prices are way less than the basic package of any new model, plus these cars may even perform better too. Getting a good one You don’t have to go dealership-hopping to find the car that would meet your needs and fit in your budget. In the Age of the Internet, almost everything can be done online, and obtaining information about how to save money in used cars is one of them. You can do a search about the car model you like, or better yet, take time to read the articles and reviews done by various automotive websites on different models, so you can have an idea about other vehicle options you can take. In addition, you can also consult the web authority when it comes to purchasing pre-owned vehicles: the Consumer Reports Used Car Buying Guide. Consumer Reports conducts crash and safety testing of vehicles and provides extensive feedback on vehicle performance. It also shows how certain models compare with others in the same category, and also pricing information so you can see which car will be worth your money. The pricing information is very helpful, especially if you want to verify whether a seller is charging too much for a car you’re interested in. Another site you can consult for auto reviews and tips on how to save money in used cars is Edmunds, which contains extensive information on vehicle reliability and safety, and also availability—the more stock there is of a certain model, the cheaper it is on the market. You can check the website’s vehicle pricing tool to get an idea about the current market value of a car depending on its specifications. Going online instead of spending time shop-hopping not only saves you time but transport costs as well. You can also visit several dealership websites to take a look at their available stock; you can also communicate with sellers via e-mail. Ask the seller about details about a car—for example, whether the former owner smoked (the smell of cigarette smoke can linger in a car), or whether the car has undergone major repairs. With the quality of cars in the secondhand market, there’s no reason for you not to save money in used cars—indeed, why spend so much for the same quality car?
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