If you’re like most Americans, your car is one of your biggest investments--usually right behind the purchase of your home. Because it’s such a major purchase, it’s one that it’s important to get right. Though a brand new vehicle may seem like a wise choice, there are several reasons why buying a used luxury car in Birmingham, AL, is the best choice for many people. |
Depreciation New cars lose their value rapidly. Brand new models typically lose about half of their value in the first three years and another 24 percent of their value over the next three years. This means two things: When you purchase a brand new car, you may as well drive around throwing cash out the window. Your car is losing value that quickly.
Second, this means you can get a great deal on a car that’s only one or two years old. The first buyer takes the biggest depreciation hit, while you, the second purchaser, get many of the same perks without the depreciation.
Reliability In many ways, a used car may be more reliable than a brand new one, especially when the new car is the first of its kind. Many car buyers avoid buying a new vehicle in its first model year. Though carmakers road test brand new models extensively in a variety of conditions prior to releasing them for sale, new models don’t have the reliability data of models that have been around for a few years. Until a model has been on the road for a few years, its dependability is a great unknown. When you’re buying used, however, every particular model has a record of dependability and reliability.
Insurance, Taxes, and Fees Insurance rates, taxes and fees associated with purchasing a car are often lower on used cars than on brand new ones. As insurance can add a hefty monthly cost to your car, it’s wise to consider car insurance rates as you shop for a used luxury car in Birmingham, AL.
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