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Nov 22, 2023 · Car insurance for a used car. According to Car Gurus, a fair deal on a 2010 Honda Civic is only $10,000. At half the price of a new Civic, your insurance company will reward you with a cheaper car insurance premium. Often, you can buy a quality older car for the same price as a brand new, budget car, but you need to understand what you’re ...
- Mortgages
May 12, 2021 · At the other end of the scale, a brand-new, entry-level model might cost the same or even less than a higher-end used vehicle, and it’ll have a warranty. If you’re shopping used, a certified pre-owned (CPO) vehicle from a dealer likely will cost more than a regular used car, but might be worth it to you for the extra peace of mind.
- Jil Mcintosh
This is stating the obvious: a used car costs less than a new one. But there’s more to that calculation than meets the eye in that you’ll need to pay sales taxes on your purchase no matter whether you buy new or used, and lower up-front cost brings the cost of that sales tax down as well. Do be aware, however, that personal finance lenders ...
Dec 7, 2022 · New vs. used cars: Nine factors to consider. 1. Price and depreciation. If budget is your biggest concern, you’re better off looking at pre-owned cars. They’re significantly cheaper than the ...
Generally, new cars have a higher replacement cost value, which adds to the cost of insurance. A new car might have a replacement cost value of $30,000, for example, whereas a used car might only be worth a fraction of that value.
Sep 23, 2024 · While new cars depreciate quickly, used vehicles have already gone through the sharpest depreciation period. This means the car you buy won’t lose its value as dramatically as a new one would. Lower Insurance Costs. Since used cars generally have a lower value than new cars, insurance premiums tend to be cheaper.
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Nov 21, 2023 · Buying a car is an expensive purchase whether you’re buying new or used. If you buy a new car, you can expect to pay a lot more than buying a used car, but you’ll have the peace of mind of a new car warranty and lower maintenance costs. On the other hand, you’ll take a bigger hit on depreciation as your car quickly loses value.
