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#1 Reason To Buy Used Instead of New

Let’s get this one out of the way. Cars depreciate. With a few outstanding exceptions, buying a new car as an investment is a bad idea. Cars are lasting longer and longer, but vehicles still lose most of their value early in their lifespan. While some models handle depreciation better than others, most shoppers can expect a new car to lose up to 50% of its value within three years of rolling off the lot. Dad always said, “There’s no such thing as a free lunch,” and, unfortunately, that holds true with cars; for all the perks that come packaged with new vehicles (warranties, free maintenance, low financing), the inevitable law of depreciation remains a substantial cost and a great reason to shop used instead.

Is gap insurance worth it when buying a car?

If your down payment was less than 20%, you may owe more than your car is worth. If your car is totaled or stolen, gap insurance can help you pay off the balance of the loan. ... You may be required to purchase gap insurance if you are leasing a vehicle.

Gap insurance is an additional insurance policy that is offered on vehicle loans. Gap insurance policies do not replace your primary auto insurance policy, but instead provide coverage over and above your primary auto insurance policy. 

Gap insurance is an optional, add-on car insurance coverage that can help certain drivers cover the “gap” between the amount they owe on their car and the car's actual cash value (ACV) in the event of an accident.


Why Used Car Price Haggling is a Thing of the Past

Used car price negotiating, or “haggling”, is an American tradition nearly as old as apple pie, hotdogs and filing one’s tax return by April 15th. For anyone who’s experienced it, price haggling can be awkward, uncomfortable and downright stressful at times. There are anxious give-and-take moments between the customer and the salesperson involved, as both sides try to seek an advantage for opposing financial benefits. Under traditional compensation plans, salespeople are paid a commission as a percentage of the profit when they sell a used car. Those commissions are factored into the car’s sale price, which is referred to as commission “padding”, and increases its cost to the customer. On the other hand, of course, the buyer wants the best value they can find for the lowest possible purchase price. The ultimate goal for both is meeting somewhere in the middle and reaching an agreement that moves the transaction forward. Unfortunately, the haggling process itself can sometimes become downright confrontational.

But as they say, “Some traditions are meant to be broken”, and the age-old trend of used car lot price haggling is beginning to show some cracks as it slowly fades away into the dustbin of history. In fact, more and more dealers, driven by the powerful impact of the Internet on used car sales, are looking to replace the antiquated price negotiating process that our parents and grandparents had to so painfully endure. As this new online car buying experience being embraced by consumers, it’s also being used by car dealers on an ever-growing basis in an effort to reduce hard-selling tactics for all parties involved. The dealer’s ultimate goal remains keeping customers coming back to their business. Millennials notably are moving in droves to do their used car shopping online as they represent a large market demographic for used car dealers. With all this in mind, let’s take a closer look now at some important reasons why used car price haggling may soon be going the way of the dinosaurs and Dodo bird.

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