Why buying a used car during a recession is a good idea

When the economy is looking scarier and scarier, prices of just about everything are rising, people are afraid of losing their jobs and more - buying a used car is a great idea. If you're in need of a dependable vehicle and you're considering purchasing a new car, you might be interested to know why buying a used car during a recession is a good idea instead. Here is some more information regarding that very thing.

You Can Save More Money
The obvious benefit to buying a used car during a recession is that you can save more money. While brand new cars start to depreciate as soon as you sign the papers confirming ownership, used cars have pretty much already taken the big depreciation hit.
So, you're purchasing a used car that costs less money, but that will not depreciate as fast as a new car. You can also use the extra money that you saved for something else - such as sticking it in savings for the future or something similar. Purchasing a used vehicle is a great way to save more money.
On top of saving money on the overall price of the vehicle, you will also save money in states that require you to have insurance on your vehicle. For instance, in most states, when you purchase a brand new vehicle - you also have to purchase full coverage insurance. In a time when money is tight anyway, that can be an extra chunk of money you just can't afford to lose.
If you purchase a used vehicle, however, you can usually just buy liability. This is a personal choice, of course - but this is another way that you can really save money when you purchase a used vehicle rather than a new one.

Smaller Period for Payments
Purchasing a used vehicle does not bind you to payments for as long as a new vehicle does. For instance, with most new vehicles, you will pay for 5 to 10 years or even longer. Most people purchase used vehicles outright or they will have a smaller payment period -such as 2 to 4 years. While this may not seem like a huge benefit now, you will be thankful for that as those 2 years pass!


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Guid to selling your car

Continued...


DETERMINE YOUR ASKING PRICE
Doing a little homework is your first step in deciding your asking price. Spending a Sunday afternoon scouring the classifieds for comparable vehicles or clicking onto used car websites over several evenings are valuable tools to determine the going rate for your make and model of car. Once you have a range of prices for your particular model and year of car, you'll need to factor in a few other considerations:
MileageConditionSpecial featuresOther factors that determine the selling price of a vehicle that some people do not consider are: location of the car (weather plays a big factor on the look and longevity of a vehicle); who has driven the car (young drivers are known to put hard miles on their cars); and gas mileage (more and more drivers are sensitive to this issue for both economic and environmental concerns).
If you have made major cosmetic or mechanical improvements to the car recently, be sure to boost your price accordingly. A new set of high quality tires, a rebuilt engine, a replaced transmission still under warranty, or a top-of-the-line paint job will add to the value of the car and you should be compensated for those upgrades that make your vehicle more reliable and desirable. Locate the paperwork regarding any major work and create a file of receipts (with dates) to show any potential buyers.
Once you have decided on what you plan to charge, remember to boost your figure by a few hundred dollars. That cushion will provide a bit of negotiating room between you and potential buyers.
To be continued...

Guide to selling your car

Evaluate Your Vehicle
Let's face it, consumers can be flighty. What was once the rage goes quickly out of style. The American/Canadian car buying public is notorious for wanting the trendiest vehicles with the lowest sticker prices. Take an honest look at the marketability of the car you have for sale. If it's a popular make and model, you'll probably sell your car quickly. If not, be prepared to do a little research to find the best markets for your particular car.
To be continued...
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