5 Tips To Help You Decide On A New Or Used Car

1. 5 Tips To Help You Decide On A New Or Used Car The prices of both new and used imported cars are quite high nowadays. In fact, data from Kelly Blue Book reveals that the average transaction price for a new car exceeded $42,000 in June 2021 while used car prices in the same month reached an average of $25,000— an all-time high. Factors like the global shortage of semiconductors, low interest rates from lenders, extra savings of consumers, and the inability of car manufacturers to fulfill demand all contribute to the jump in prices. And if you’re in the market for a new ride, it can be confusing to choose between a new or used car. So, which one is right for you? New and used cars in Savannah GA cost a serious amount of money, so it’s a decision that shouldn’t be taken lightly. After all, you’ll be spending a few years with your choice, so it makes sense to pick something that will be worth the investment. Here are five tips to help you make an informed decision: 1. Determine how much you can afford. Financial institutions typically advise consumers to set no more than 15 percent of their gross monthly income for car payments. That’s true for new and used imported cars. Knowing exactly how much you can afford will make it easier to narrow down your choices. 2. Identify the type of car you want to buy. Do you want a sedan or a sports car? Or are you looking for an SUV or truck? Do your homework on the different makes and models you’re eyeing. You’ll have to consider your lifestyle and your needs when selecting a vehicle. For instance, a small SUV might make sense if you have a small family. If you’re okay with buying used cars, SUVs, or trucks, then you have more options—all of them available at a lower cost compared to brand new models. Buying used also means having access to makes and models that are tried, tested, and popular but have already been phased out by the manufacturer. 3. Understand the concept of depreciation. Cars depreciate over time, but well-maintained used cars in Savannah GA are likely to have depreciated minimally. Be sure to check the mileage and how careful the previous owner is in keeping their vehicle in top condition. 4. Consider the costs of owning the car. Beyond the purchasing costs, you’ll have to consider the amount of money you’ll spend on annual repairs and upkeep. A new car might not have any problems now, but if you buy a used car, you have to prepare yourself for any potential expenses in terms of repairs and upgrades.

2. 5. Check your credit score. If your credit score is favorable, you may be capable of buying a new car and securing a low down payment. But even if you have a good credit score and can quickly get a car loan, you should still consider buying used imported cars especially if you want to save money.