Apple V Android

I. Intro

How many of you own a car? Is it a used or new car?

By opting for a used car, you avoid going into debt, throwing money away in interest as well as never-ending monthly payments, and higher insurance cost 

Average price for a used vehicle, lets say from 2010 model is about 8,786 while a new car could cost twice or even more depending on the car brand.

Lets use a 2015 accord EX and 2010 Honda accord EX as an example,

The 2015 accord runs about $25,000 while the used 2010 is $16,000.

Five year loan on 2015 with 2.99 interest rate will run about $29,000 after the loan matures

The 2010 price is around $16,000

On the 2010, we can take a 4-year loan with 3.5 interest rate. At the end of the 4-year loan, we pay $19,500.

Both cars are the same brand has the same model but newer year. The safeties for both are equal and both have the same feature built in.

Transition to CAR HISTORY: So now we’re going to talk about some of the concerns when buying a used car

II. Problem

        A common misconception that people have is that used means old, but if you do your research right you can get a decent car at a good price. Which is a plus if you have a budget or like many of us, have other bills to pay. 

Buying a used car does save us some money if you have a tight budget.

The most common problem when car shopping is that people tend to worry more about the features and accessories rather than the safety and history of the car. They tend confuse necessity with luxury.

Instead of checking for recalls or even glancing at the accident history, they are more inclined towards a car with navigation, comfort access, panoramic sunroof, etc. Consumerism has a big influence on buyers as you can see.

III. Solution

Before you go out and buy the first car you see, do some research. Expand your options on make or model, and compare prices. 

Use Carfax before buying, research all sites including NADA, KBB, Edmunds to compare prices.

Get a safety report of the vehicles you’re looking into (safecar.gov)

Go out and see the car, pictures are very misleading. 

Test drive the car. You will be paying for this vehicle so make sure you feel comfortable driving it because it'll be yours until the time for a new car comes again.

Settle for what fits your budget the best, you can afford less than you think.

IV. Visualization

-Pros of a used car:

• Cheaper
• lower insurance rate
• lower state tax (in VA)
• avoid depreciation
• opt for extended warranty*

-Cons of a used car:

• as the car ages more problems arouse
• cost of maintenance
• small room for negotiating at dealerships
• don't know if the car was taken care of or not (which can cost you maintenance in the long run)
• less choices (especially if you're on a budget)

-My father in law bought the 2012 toyota highlander when in first came out. The biggest mistake he made was buying it brand new. As soon as he drove it off the lot it lost 20% of its value.

He put a $12,000 down payment on it and was at monthly payments of $800 a month.

Now the car is 3 years old, with 10,000 miles and the price value of it is the same as a 2015 highlander with twice as many miles which has the extra features we all desire (keyless start, comfort access, blind spot indicator, etc)