How Long Will My Used Car Have Value?
When it is time to replace your current vehicle, one of the decisions you have to make is whether you want to purchase a brand-new vehicle or a used one. Read on to learn some of the top arguments for purchasing a used vehicle and a few guidelines for deciding when to update your current car.
Benefits of Buying a Used Car
One of the most amazing benefits of buying a used car is it saves you a large sum of money without sacrificing reliability. Brand-new vehicles are notorious for significantly decreasing in value once they leave the lot. For example, data from Edmunds reports a new sedan with a purchase price of $27,660 loses a whopping $7,419 during the first year. Capitalize on this depreciation by opting for a used vehicle.
Aside from the lower purchase price, used automobiles also have lower ongoing expenses. The cost to insure a used vehicle is typically lower than the price for a comparable new vehicle. When it is time to pay your annual auto taxes, owning a car with a lower value is a simple way to decrease this bill.
When to Sell Your Used Car
The right time to sell your used vehicle depends on its present value, your current financial situation and whether the vehicle suits your current needs. Pre-owned vehicles that have modern applications retain their value better than those with outdated features. Data indicates that by the year 2025, 16 percent of all new cars sold will be electric.
If you are ready to sell your current car, it is important to understand your loan options. Clark County Credit Union offers auto financing on many non-conventional vehicle models, including all-electric and hybrid vehicles. Our members can also get great deals on their vehicle purchases at our exclusive dealership, Members Auto. Contact us today by calling 702-228-2228 for Clark County Credit Union or 702-939-3115 for Members Auto.