Unsplash/Steve Harvey
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Car prices and lease deals have never been better! *unbuttons cheap suit to reveal I’m not a used car salesman from Tulsa* I swear I’m not trying to sell you anything. But what I am trying to do is break down why you’ll get more bang for your buck by driving a shitty car.
Coronavirus has done a number on the auto industry, and everybody and their mother is out to sell you a great deal on a brand new car. That is, if they have any left in stock since all the factories have been closed due to, you guessed it, the coronavirus.
That being said, dealers are doing everything in their power to cut prices and get people on the road. Which isn’t that far off from what they usually are doing, but they’ll tell you they’re doing a lot more.
As tempting as it may be once that first paycheck hits, stay away from the new guys if you want to save your cash. A car isn’t an investment unless you’re shelling out the type of cash to get an antique Ferrari. And if you are, send some of that cash my way please, I need to pay my rent this month.
The minute you drive that baby off the lot, you’re losing money. So hop in the passenger seat and let’s take a ride through the reasons why buying a less flashy used car will benefit you in the long run.
Depreciation
Now, while I’d steer you away from a new car, I don’t think there’s anything wrong with an older and more reasonable model. A new car, by year five, has lost on average 40% of its value. With a used car you’ve already paid for that depreciation, plus it’s not labeled “NEW,” so depreciation beyond that doesn’t hurt as much.
Maintainance
With new cars, the dealers often pressure drivers to bring their vehicles back to the dealership to have service done. Then they, you guessed it, nickel and dime you to death over original, name brand parts. For an older car, you can go take your car down to Dirty Mike and the Boys, your local trusted mechanic, and see what they’re able to do for you. Just be sure to leave them a nice Yelp!
Insurance
Last but not least, your insurance is cheaper. You know what’s cheaper than a brand new BMW to replace? It’s a 12-year-old Honda. Your insurance company will probably make you wait before they pick up your call because they’re charging the Beamer Bro double what they’re charging you, but think of the money your saving.
And if you’re worried about your social status. Don’t. Lots of celebrities have balled on a budget while raking in their paychecks. Do you know Kawhi Leonard? He drove a 20-year-old Chevy Tahoe, even though he has millions in the bank and an NBA title. Want to get rich quick and be an NBA champion? Keep driving that beater until the wheels fall off.*
*There’s no guarantee you’ll do either of those things, but you knew that.
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