Many consider their cars as an investment because they spent a considerable amount of money on it. Despite that, a vehicle is only an asset that you can sell in case you need money. A car depreciates over time, so it’s essential to buy it after careful thought.
Does Buying a Used Car Worth It?
Car buyers often have to choose between buying a new or used one. Not all can afford to purchase a brand new car, however. Although you can apply for a car loan, getting a used car is a practical option. The most significant depreciation of a vehicle hits in the first three years of ownership, so you don’t lose as much money for a used car.
A Forbes report cites almost 70 percent of consumers in the US say they will consider a used car for their next purchase. Data also show the average transaction price of a new vehicle is $38.393. Prices in the used car market, however, remain reasonable with plenty of choices for buyers.
When buying a used car, you have to obtain a title report, check the service records of the previous owner, and contact a mechanic to examine the vehicle. Some models are prone to suffer mechanical issues that can be costly to fix.
If you bought a used car, you should also focus on vehicle maintenance. In Salt Lake City, Utah, you can find professionals who can help you maintain your vehicle in its top condition.
Extending Your Car’s Lifespan
Proper car care is essential to keep your car running efficiently and prevent costly repairs. Ideally, you include car maintenance when setting your transportation budget. Its cost, however, may vary on the services your car needs.
Here are three maintenance tasks you should focus on.
- Oil Change – Ideally, you should change your oil every 5,000 to 7,500 miles. But if you don’t reach this threshold, you may change your car’s oil every 12 months, depending on the model of your vehicle. This service may cost you between $25 and $50.
- New Battery – You should replace your car’s battery at least every three years. Certain factors, like exposure to heat or cold weather, leaving your car’s interior lights on, and not using your vehicle for a long time, may change the timeline you need to change your battery. Its cost ranges from $59.99 to $200, depending on the model.
- Rotate or Replace Tires – The National Highway Traffic Safety Administration (NHTSA) suggests changing your tires every six years regardless of how many miles you have driven. That can cost you up to $725 for all four tires. Worn out car tires can increase your stopping distance in wet highway conditions by 87 feet. You should also rotate your tires every 5,000 to 8,000 miles, which may cost you between $35 and $45.
A car is a smart purchase as it helps you with your daily commute. Buying a used car is a practical choice as long as you get the right one. Do your homework before signing any document to make sure you’re making the most of your money.