Should You Buy a New or Used Car

Hi, I'm Greg, your car angel, what's the best option: a new or

used

car. In this video, I'm going to show you why a

used

car is really the best option, so in this graph that I'm drawing for you, this line represents. your money and this line represents the age of the car starting when it's new and when it's two four six eight and ten years old so now from these years I'm assuming twelve thousand miles per year okay so that's the number of miles that they are traveling. driven per year, if you were to buy the car new here you will find that most of the car's depreciation occurs pretty much in the first few years and evens out as the car ages;

In other words, you'll lose most of your money on a car's value in the first few years and as the years go on, you'll have less and less depreciation between individual years. The money you will lose and depreciation is here in the first few years, you will also do so on the other side when purchasing. A new car has a very low, if any, repair cost in the first few years, which is why I start it below. Well, the green thing here is that your repair costs are low at the beginning and start to increase exponentially over time.

Well, now you have your depreciation and repair costs, so the question is:

should

you buy a new one and have a lot of depreciation at first but have very little repair cost or buy a car that has had a lot of depreciation and risk the repair cost and repair cost? The answer to that is what I call the sweet spot and the sweet spot happens in about the second year and continues through the eighth year and that, if you do twelve thousand miles a year, would be between twenty-four thousand and ninety-six. thousand miles and this sweet spot is what I consider the best financial option for car ownership.

Cars are built so well these days that the sweet spot is twenty-four thousand two ninety-six thousand miles, so in this scenario you'll get the best. Ability to get the car at the best price with the least amount of maintenance during ownership, most people buy a new car because it involves very little risk; In other words, there is no repair cost, but the best financial measure is to actually hit this sweet spot. right here and what I've done on my car buying support website is show you how to successfully buy a high-quality used car in the sweet spot for the best money, whether you buy it from an individual or a dealership , so I encourage it.

Go to that site and I'll show you exactly how to get the best car at the best price with the best experience. I'm Greg, your car angel, thanks for watching. See you in the next video.