How to save for the next car, even if it’s a used one
Buick, GM, Chrysler, Nissan, Toyota, Hyundai, Hyundai Genesis, Mitsubishi and Mazda all have the same basic concept: buy a used car.
But the cost of new cars is skyrocketing, making it increasingly difficult to save.
So how do you choose between a used, new or used-but-new model?
The good news is that there are some simple steps to help you make the decision.1.
Pick the best price and fuel typeThe cheapest car you can afford is the one that offers the most value.
So if you’re buying a used used car and the price is $30,000 or less, you should probably get the one with the lowest price.
But that doesn’t mean you should just go with the cheapest one, because some vehicles have more value.
Some used cars are more expensive than a new car, but the car that’s more expensive will have a lower price tag.2.
Look for featuresThe most important thing when buying a new vehicle is how it looks, but you also want to know what you’re getting when you drive it.
So look at what it has, like a touchscreen, a heated steering wheel, a big air conditioning, a sunroof, a leather interior, a rearview camera and more.3.
Choose a lower-mileage vehicleThe best value is a lower mileage vehicle, like the Chevrolet Volt, which offers a range of between 75 and 80 miles.
The lower mileage car is the most reliable.
But if you do buy a lower mileage car, the best value you’ll get is a used model with a lower miles-per-gallon.
So you’ll be better off buying a newer model that has a lower cost tag.4.
Compare a used vehicle to a new oneIn the past, when I’ve heard people say, “Well, I’m buying a second car, so I’m going to get a new SUV,” I’ve been a little disappointed.
But as you can see, the new model has more value than the used model, which is why I’m more likely to buy it.