depreciation

Lower cost of used cars means loan interest savings

According to the National Automobile Dealers Association, the average person owns 13 vehicles over their lifetime. If all those hypothetical cars were three years old when you bought them (as opposed to being new), you could save as much as $130,000.

New car depreciation and the savings of buying used

There are many ways in which you will save money by purchasing a used vehicle instead of a new one. These include the depreciation of the vehicle, the mileage, the insurance, the taxes and the type of financing you may or may not need in order to finalize the purchase.

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