Loan Value On A Used Car
New cars are so expensive even way before. With lots of folks nervous about the present economy, buying a used car makes more sense than buying a new one.
A new set of wheels costs around $21,000 plus. This is already a big financial commitment even in the best of times. But what about when times are tight? Is it still worth spending that amount of money on a car?
According to the Auto Affordability Index compiled by Detroit-based Comerica Bank, it takes 19.9 weeks of median family income before taxes to buy a new car during the third quarter of 2003. That’s roughly five months’ worth of salary spent on a car alone. This is definitely not a wise way of spending your hard-earned money. And it’s foolhardy to spend $21,000 on a car when the economy is slowing and the headlines are filled with job layoffs.
Fortunately for you, there are several loan value options you can take. Loan value for a used car in the market is flourishing. In fact, millions of cars come off lease each year, leaving you with tons of 2 to 4-year-old vehicles to choose from when considering getting loan value for a used car.
Loan Value on a Used Car – Car Loan Value Depreciation
Buying a used car can save you lots of money. This is due to the fact that cars experience a decline in their loan value as time goes by. The most abrupt depreciation in loan value is in the first two years of a car. During this period, wholesale value of a used car goes down 60 to 70 per cent from its original purchase price. So if this year, you buy a brand new car for $21,000, in a couple of years, the loan value drops by $6,000 to $8,000.
Thus, by buying a used car, you let the car’s first owner deal with that decline in value. What happens is that you get to get the car without having to go through that financial strain.
Loan Value on a Used Car – Searching for Wheels
So now that you’ve learned a little why buying a used car is ultimately better than purchasing a new one, we think you’re ready to start shopping. Step one in used car shopping is research. The more you know about loan values of used cars, the better off you’ll be. The Internet is a great place to look for all sorts of used car loan value information. Equip yourself with all the necessary information and you’ll be all ready to walk into a car dealership.
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