Finance 4 Smart Reasons To Buy A Used Car

Whether you’re a first-time car buyer or a seasoned veteran there’s always the tough decision of deciding if you should go with a new or pre-owned vehicle for your next purchase. New cars have the latest style, tech features, low interest rates, and that much-loved new car smell but are they really the best choice for you and your budget? We’re going to overview some used car wisdom and give you 4 great reasons to go pre-owned on your next car.1. They’re Less ExpensiveLet’s get the obvious out of the way – in most cases you’re going to save money to buy your car used and probably quite a bit of money at that. Once you buy a brand-new car and take it around the block it’s no longer new and that value drops quickly. According to Consumer Reports your car new car on average will be worth 54% of the original purchase after just 3 years – that hurts!


The average cost of a used car is predictably well below that of a new car model and that’s not the only space for savings. Logically you’ll pay less taxes on a lower priced car and it’s often more affordable to insure them as well. However, you should take note of the vehicle’s mileage because the distance driven and the remaining warranty will likely impact your maintenance expenses.2. Financing Rates & TermsWith low manufacturer financing rates and longer terms available dealers are able to show you some very attractive monthly payments on a new car but don’t forget to do the math. Even a lower rate can really add up over a 7 or 8 year financing term and the growth of certified pre-owned ( CPO ) programs has really narrowed the gap. Not only do banks offer aggressively low used car rates but certified used cars offer even lower rates still plus the added bonus of additional warranty coverage and extensive vehicle inspections. The new car advantage is really starting to fade with exceptional used car financing options available.3. Vehicle History ReportsMaybe your hesitation about buying a used car is that you just don’t know where it’s been or what you’re getting and that’s understandable, but with transparent reporting using tools like CarProof you get a very good idea of what you’re dealing with. Vehicle history reports might not catch everything but you’ll usually get some essential information likeThe number of previous owners
Any accident or damage history with details
Previous registration status ( Personal, Lease, Taxi, Rental etc.. )
Mileage validation and maintenance records


4. ReliabilityIf you’re thinking it might be a risk to buy a used car because it won’t last long then you should do some research. According to several studies the average vehicle on the road today is over 10 years old and that numbers continues to rise as car manufacturers continue to improve their line-ups. Modern cars, trucks, and SUVs simply have a longer life-span than they used to and that’s great news if you’re in the market for a pre-owned vehicle.There’s a lot of things to like about the prospect of buying a brand-new car nobody else has driven yet but there’s no doubt that pre-owned vehicles are the better value. Now that you’ve read our 4 smart reasons to buy a used car what will your next purchase be?

Finance Take a Fresh Look at Your Finances

Remember those financial resolutions you committed to at the beginning of the year? If they seem like a distant memory, the start of summer can be a great time for a reset. Follow the tips below to refocus on your financial goals during the dog days of summer.1. Start with a clean slate. Review your financial situation and recent spending patterns. Is your spending aligned with your financial goals? Re-evaluate any bad money habits that may be holding you back from making better financial decisions. Remind yourself that healthy financial behaviors can become part of your daily routine.2. Commit to financial stability. It’s easier to do something when you are intentional. Just like you set aside an afternoon to clean out the garage, set aside a few hours to clean up your finances. During this time, reflect, organize and make a conscious commitment to take responsibility for your financial future.


3. Create, update or review your plan of action. A financial plan provides a road map for spending and saving, and encourages you to allocate your money toward the items or experiences that matter most to you. Your plan should include how you will handle your day-to-day finances, achieve long-term goals such as paying off your home mortgage, retiring on your terms or going on your dream vacation. If a large expense comes along, you may need to re-evaluate your financial priorities. Adjust as necessary and then get back on track as soon as possible. Likewise, if you receive a raise or windfall, consider how the additional funds can be applied to your financial plan.4. Spend within reason. Your plan can provide you with guardrails to keep long-term goals in sight as you satisfy near-term wants and needs. When you know your emergency fund, retirement and other goals are on track, you can purchase tickets to the big game or plan a family trip without any financial guilt.5. Prepare for the unexpected. Life can throw challenging curveballs. Unexpected events such as unplanned medical bills or losing your job can greatly impact your bottom line. Although you may not know when these curveballs are coming, assess your insurance policies to ensure you’re fully covered, and make an “emergency fund” one of your priorities. Consider reviewing your life, disability health, home and auto insurance policies with a financial professional, who can help you identify and close any gaps in coverage. If you’ve acquired artwork, collectibles, technology or other valuables, make sure they are covered under your current home insurance plan. Also, use this as a time to update beneficiaries on your policies if needed.


6. Find joy in the process. The desire to keep your finances in good order is an admirable aspiration, and it has lasting impacts. Focusing on your finances today may help you to secure a more comfortable financial future for you and your family tomorrow. Consider working with a financial professional to help create a plan to reach your goals. With renewed energy and a well-defined plan, you can feel good about your financial choices.