2 Important Factors to Remember When Buying a Used Car

Owning a vehicle is a modern-day necessity for various reasons. But driving a luxury used car has to do a lot with one’s taste and aspiration. When you hear automobile brands like Mercedes or Bentley, you feel these are for the wealthy, but the reality can be different. The highest net-worth individuals also use a Honda or so. Does this surprise you? Please don’t feel guilty for assuming this.

It’s a common belief that the rich lead a lavish lifestyle while they can be the most frugal spenders. They look at the value of money before deciding anything. So, when you shop for your next new or used car, remove this imaginary veil from your mind, evaluate the facts, and focus on your choice.

Start your life with a pre-owned car and move to the next level when you can afford a new one. If you don’t have a budget for a new vehicle, buy a used car without hesitation. Others also pick them to care for their immediate needs without denting their savings.

So, think about something other than what others drive. Check mileage, driving history, and other documents to ensure you get the best deal. For options, you can explore the inventory of Conklin Used Cars. Now, let’s dig into some fascinating details.

The widely-used car brands

You may believe Ford, Toyota, and Honda are not for the rich guys. They travel only in fancy cars. Studies show that 65% of households with an annual earning over USD$ 250k usually avoid luxury models. They rely more on Honda, Ford, and Toyota like everyone else. A market research firm also demonstrated that people with more than USD$ 200k income preferred a pickup truck by Ford over others.

If you check the status of the ultra-rich, you will again get a surprise. As mentioned, they don’t spend on exotic models. If you don’t believe it, look at Mark Zuckerberg and Jeff Bezos. Mark Zuckerberg often drives a Honda model.

Don’t show off, be wise with money!

If you heed the advice of personal finance experts, they inform you that most people with a net worth of one million to ten million US dollars drive a used Honda or a pickup truck. You rarely spot them in fancy models. Hence, it makes sense to revisit your decision as well. Why? Certain things are unavoidable. For instance, any car loses its value tremendously within the first five years.

According to estimates, the depreciation value can be more than 49%. Luxury cars lose more. Suppose you check Mercedes S-Class models. You find their value decreased by more than 67%. Even BMW is not an exception. With this, you need to worry about the insurance and maintenance cost of luxury cars. After the warranty period is over, you deal with expensive repairs.

You may wonder about the relevance of these insights at this stage. But if you look closely and expand your thinking, you will realize why managing your life with a used car can be advantageous before your savings grow. Even the rich of the rich spend their income carefully when they can easily afford any luxuries on the planet. So, decide your choice from your mind and not your heart.