You can save a bundle on your next car purchase by buying a used car. One of the common concerns I hear from people about used cars is that they will require expensive repairs sooner than new cars. There is no question that repair bills can be outrageously expensive but here's one way to look at it. If a new car costs you $15,000 (or more) and a five year old version of the same car costs $5,000, the difference in price leaves you a lot of room to make repairs and still come out on top. That's not even factoring the additional costs involved in insuring and financing the more expensive vehicle.
I buy new cars or newer used cars that still are under warranty. The dealer will give me a loaner car whenever the car needs repairs. Rental cars are very expensive so this is a big bonus. I have to have a car at all times in order to get to work.
I am a doctor, and my colleagues tease me no end about the fact that I buy only used cars.
One cardiologist was upset that his new Mercedes needed a new engine just after the warranty expired. hahahahaha You're right about the savings.
But there's more. If you finance your car, the balance on a loan for a new car is usually always more than the value of the car. If your car is totaled, you'll still owe money. On the other hand, the loan balance on a used car is always less than the value of the car. So it's totaled. So what. Save your worry for something important.
If you look up my advice on how to buy a used car, you'll see you buy it from the makes' dealer (they have mechanics on salary), and write into the deal you have three days to have your mechanic check it. Whatever you find, the selling dealer must fix it, or it's no deal. Believe it or not, they will.
Buying used is different from buying new, but when I saw how much I saved (meaning afford even more car), I knew I'd never buy new again.
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