New cars typically depreciate and lose about 10-20 percent of their original value when they are driven off the lot. Most cars will lose an additional 10 percent in value during the first year. That’s up to a 30-percent loss in value during the initial year of ownership. Paying a lower initial purchase price for the same model used rather than new is a key motivator. But there are also many other factors at play when shopping for used vehicles.
1. Choose a Vehicle With Utility In MindIt’s common advice to focus on the numbers: age of the car, mileage, etc. But you also want to focus on the features and attributes that’ll fit your needs for the duration of ownership. If you have a family to accommodate, you might want to re-consider that sporty two-door coupe. Just because it has 4 seats doesn’t mean they are all [...]
