If you’ve been thinking about buying a different vehicle, you may have been wondering if new or used is your best option. There are definite pros and cons of each option. Before you make a decision, it is important to consider these three reasons why a used vehicle might be your best option.
Overall, you can expect to spend significantly less on a used vehicle. By getting a car that’s just a few years old, you can save several thousand dollars. A vehicle loses roughly 20 percent of its value in the first year. By six years, it’s worth about 40 percent of its original cost. This means that you could get a six-year-old vehicle that originally cost $40,000 for about $16,000. That is a significant saving. Even within a month or two of buying a brand-new vehicle, the value has depreciated several thousand dollars. Because the price is [...]
The world's light vehicle market is forecast by GlobalData, a data and analytics company, to decline by 17.2% to 73.6 million units in 2020, due to the impact of the COVID-19 pandemic and its associated economic fallout.