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Used Car Values Today
With the world economy in recession, people are trying to save money any way they can. Often this means putting off large purchases like new homes and cars. But what do you do when your car breaks down and you desperately need a replacement? Really, you have only two choices — you can buy a new car or a used one.
While most folks would obviously rather have a new car than a used one, there are several important factors to consider. For starters, new cars are much more expensive, due primarily to depreciation. That's right! The average new car loses nearly a quarter of its value after only a year. And after five years, the vehicle retains only half of its value.
What about used car values ? Well, one of the great things about buying a used car these days is that it is safer than ever before. While it’s true that in the past used car buyers basically had to roll the dice and hope that they didn’t purchase a banger, buyers now demand and generally receive protection.
For example, most used car dealerships offer full or partial warranties on their cars. That means that most vehicles are thoroughly inspected for flaws before they are put up for sale. So, the chances of buying a lemon from a dealership are considerably smaller these days.
However, if you do decide to purchase a used vehicle from a private seller, make sure you have the vehicle inspected by a professional mechanic before you buy. After all, few private sellers are going to offer you a warranty.
