Well, we bought a new car about 2 years ago. Prior to purchasing the Mazda 323, we were unaware of the total expenses that owning a car would incur. The list is quite long:
- loan payments
- taxes
- repairs
- oil changes
- gasoline
- insurance
- parking fees
… to name just a few. More importantly, we were surprised by the amount of depreciation in the first year, alone. Now our car is only worth about 60% of its purchase price. This has to be the biggest single expense that we hadn’t factored into the equation. So I am wondering if purchasing a second hand car would be a viable alternative to purchasing new.
Of course, if you purchase secondhand, you will need a reliable way to find out that the secondhand car of your dreams! Otherwise, those hard earned savings may be thrown away. Opinions, thoughts?…