Purchasing a new vehicle or a vehicle that’s new to you can be a major decision. Here are some factors to consider when determining if buying used cars in New Lenox is the right option.
Used cars in New Lenox have less depreciation. Depreciation describes the difference between what you pay for the car and what it’s worth at a later time. During the first year of purchasing a new vehicle, you can expect it to depreciate up to 30%. However, if you purchase a vehicle that is already a year or two old, you save up to 30% in depreciation.
Lower purchasing price is something else to consider. Considering the depreciation statistics, it makes sense that a used car will be less expensive. For example, you want to purchase a brand-new car at $45,000. However, during the first year, that car depreciates 20%. You can save around $9,000 purchasing the same car just one year old. There are a lot of depreciation calculators online that can help you calculate depreciation.
Another benefit is lower insurance. There is no such thing as a new car or used car insurance policy. But used cars are usually cheaper to insure because they are worth less. There are other factors that are going to influence your insurance rate, including your age, the model of your vehicle, the area where you live, and your driving record.
Learn more about the benefits of purchasing a used vehicle, and see how the people at Hawk Volkswagen of Joliet have been helping drivers get into quality used vehicles since 2014 when you visit the website.
