There is something really special and exciting about a brand new car. As tempting as it is to buy a brand new ride, though, the new car smell does fade away and the new features get worn in – and the value decreases dramatically. Remember that a new car typically loses around 20 percent of its original value the moment you drive if off the lot.
If you’re tempted to do a Google search for junk yards near me and sell your old clunker as soon as possible, you need to start thinking about what you’ll buy next. Here are some things to keep in mind as you decide whether you should drive a new or used car.
Once you bring a new car home, it does more than the initial depreciation – cars lose around one third of the original value within the first year of ownership. While you get to experience all of the bells and whistles and even new car technology, you have to decide if it’s worth it to you. Would you rather go ahead and fork over the cash for a new car or do you prefer to drive a car that is a few years old, but fails to have the latest and greatest technology?
Peace of mind
A new car gives you the advantage of a full factory warranty and likely won’t leave you sitting on the side of the road next to a vehicle that won’t run. After around seven years or so, a car becomes more likely to have significant issues. If you like the peace of mind a new car gives you, it may be worth it for you to save for the all-new Audi A8 with its futuristic design and advanced driving capabilities or another top-of the-line-new model.
You can never predict if you’ll need the newest safety features, but people always love the idea of a safer car. This is why added safety features are often a selling point for newer cars – safety sells.
Electronic stability control is a lifesaving feature that you may not find in a smaller, less expensive vehicle from a model even just a few years ago. The same goes for side airbags in some models.
Choosing a newer car is a lot of fun, but the insurance prices you’ll pay aren’t always a joy. Call your insurance company and get a quote for any vehicle you are thinking about purchasing. If your car is financed, you’ll need to have a vehicle that is fully covered. In some cases, the insurance won’t cost too much more for a new car than one that is five years old.
While there are a lot of factors and numbers to weigh as you sell your old car to a junk car removal company and decide what to replace it with, the bottom line is new cars cost more but may offer features you can’t get in older cars. Find a car removal company you trust that will offer you a fair price and use that money to put down on a different car. Choose a car that is dependable, what you need and want, and that you can afford.