New Cars Becoming Too Expensive For Most Americans
Considered a luxury for most Americans, new cars have become a necessity for many people who enjoy driving in a sophisticated vehicle that is shiny and shows off a bit of status. However, with the economic downturn, fewer people are able to afford the high interest rates and monthly payments for new cars that only continue to increase in price, now at an average of $30,500. Used cars are now increasing in popularity for the benefits and reliability that they offer for different budgets.
Not only do used cars cost less than brand new ones, but they also do not depreciate the same way that new vehicles do. Once driving the vehicle off of the lot, the car loses value and continues to depreciate. Most depreciation happens in the first year, losing up to 20 to 40 percent of its overall value. Eventually, a three-year old car can only be worth 80 percent of its two-year value. Most financial experts recommend purchasing a used car model that is at least two years old simply due to the savings involved.
Most cars seen on the road make your commute relatively uneventful. However, when an unusual vehicle passes by, your eyes tend to
For those people who have yet to establish a history of credit or have struggled with poor credit, finding a used car