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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
Nov 13, 2023 · Pros of buying used. 1. Savings. The main (perhaps the only) reason that people buy used cars is the lower price tag. The reason for the lower cost is mainly depreciation. Put simply, depreciation is a reduction in value of an item as the years of its life tick by. But cars don’t depreciate at a steady rate.
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.
Oct 31, 2024 · The used car was $18 cheaper per month to insure than the new model. If you’re set on buying a new vehicle, keep in mind potential premium differences by company. Based on our research, Nationwide and USAA offer the cheapest rates for new car insurance. Auto insurance rates drop by 3.4% for every year your vehicle ages.
A new car, however, does need more coverage, which means the policy may be costlier than a used car. Of course, regardless of what you drive, your personal driving history, the level of coverage, the deductibles you choose all factor into what your premium is. Buying a used car that’s only a few years old can reduce the sticker price and ...
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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 ...
