Why buying second hand car equals money saved?
Investing in a new car is a very bad idea. This is one asset which loses its value the moment it steps out of the car showroom. It continues to depreciate over the years. In the first year itself, it can depreciate by as much as 35%. Many people are of opinion that cars are much more than a means of transport. For them it symbolizes a lifestyle. But in these tough economic times, it makes more sense to make wise purchases then to buy something only because you fancy it.
A new car is a very expensive proposition with loans, insurance and other maintenance expenses. Buying a car can be a big drain on your finances. If you are planning on buying a car then you will be advised to think about second hand cars.
By purchasing a second hand car, you can save a lot of money. A brand new car is worth only about 60-70% of the original price by the end of the third year. Another advantage of buying used cheap cars is that you could buy a full loaded higher model with lot of features and accessories at very affordable prices.
However, buying a second car can be a tricky decision. You should always check a used car thoroughly and only buy it once you are full satisfied.
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