The advantage of buying used vs new
The big complaint is how new cars, trucks and suv's depreciate so fast. A new car depreciates because just as soon as they drive it off the lot it is a used car. The value once you buy it depreciates on the average 15% to 20%. This means a New car value goes from say $30,000.00 to $25,000.00 or less before you even turn in your drive way to show your neighbours.
Buying Used Means someone else took the day hit.
With a used vehicle the bulk of the depreciation has occurred.
Here is a handy “True Cost to Own” tool
provided by Edmunds how much a vehicle will cost and how quickly new becomes used. It is hocking.
Excerpt from Jim Gilberts
Ask the Expert in the Fredericton Daily Gleaner
Q: Jim, is there really an advantage of buying used vs new?
A: Yes, the biggest complaint among new car owners is the first day 15 to 20% depreciation before you even get, you’re not new anymore car home. It became a used car the minute you drove it off the new car lot. Your $29,312.00 new car is now a $23,350 used car and you haven’t even shown it off to your neighbours