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How to Get Used Car Finance

The car used to be considered the number one asset in their household, with many people spending savings or taking on a second mortgage to get a vehicle that they may not even be able to afford down the line. However, today’s transportation alternatives have made those old ways of thinking obsolete. Not only are electric and hybrid cars far more affordable than ever before, but ridesharing services like Uber have provided a convenient way for consumers to take public transit for free.

The Futility of the Used Car

Even if you take into consideration the greener alternatives to the traditional automobile, there is still one huge problem with those “used” cars that people are so keen on buying. They’re just not worth it. There’s no such thing as a good deal anymore; you may feel like you’re getting a deal when you buy from a private seller, but in reality, it’s difficult to find any value inĀ used cars in miami that have depreciated more than half their original value.

Buying New is the Only Way to Go

In the current car manufacturing environment, making a profit on “used” cars has become almost impossible. The only car manufacturer who has been able to sustain a healthy used vehicle business is Tesla Motors because they make their cars from scratch and sell them directly to consumers. Otherwise, many of the major automakers make it extremely difficult for users to sell their cars after they’ve been purchased. In fact, most used vehicles are simply sold by dealerships as parts instead of being resold back onto the market at a reasonable price point.

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The New Car Comes with a Warranty

Insurance companies have been able to capitalize on this policy even further, as they can charge their customers thousands of dollars each year for an extended warranty. They know that most people will never shop around and will never even consider the options, so they can often charge millions of dollars in premiums every year. It’s almost impossible to find a used car with similar coverage and reasonable rates because insurance companies won’t give you the same deal.

The Used Car Is a Gamble

There are a lot of people out there who will buy a car that has been in an accident or that has had significant wear and tear, simply because they don’t know any better. To put it bluntly, buying a used car is a gamble. When you buy a new one, you know exactly what you’re getting into and there are no surprises. When you buy a used car, you could end up sticking with a car that needs thousands of dollars in maintenance every year.

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