Used cars could save you a lot of money
Friday, September 5, 2008 Labels: Other News 2 commentsIn the latest issue of Consumer Reports, the consumer advocate magazine advised its readers that it is always cheaper to buy used cars than new ones. Consumer Reports conducted a study and found that consumers who buy car which is around 1 to 3 years old can give a potential savings of up to thirty two percent.
Consumer Reports used a Toyota Camry as an example and found that when a consumer buys a 2005 Camry compared to a 2008 Camry, he can have potential savings in the next five years of up to $13,000. Consumer Reports calculated the owner's costs and included depreciation, fuel costs, annual mileage of 12,000, average insurance cost, five year car loan with 15 percent down payment, and sales tax.
Well, I actually don't need to see Consumer Reports' whole data to believe them. Old cars are less gas guzzlers compared with the newer ones. So if you're in the market for used cars, you can try conducting a used car search on Google or your favorite used cars website. Of course, you can also save more money by selling your car on netcars.co.uk's "sell my car" section and just take public transportation.
Saving 32% percent for a "young" used car? Amazing! I'm also a used cars fan but didn't expect there's such a huge advantage.
I wonder how about the cars more than 3 years... I recently saw a ford T at an online auction website for about 1000 dollars! Of course it's in good shape and the owner disclaimed it can reach 50m/h without a problem! Can you believe it? It must be 30 year old!
Henmm.. Maybe I should treat my car better to see if it can regain some value. LOL
Yes , we can save a lot of money buying used cars . For example a new Bmw 525d costs almost 30000 $ and a used model costs 20000$ . The difference is huge and the quality and performance are alomst the same .