If you are debating whether it is a better investment to buy a new or used car versus leasing, NJ forensic accountant Robert Bonavito explains.
Considering buying a car? You may not realize it, but you basically have three options: 1) you can buy a new car, 2) you can buy a used car, or 3) you can lease a car. Unless you are keen on having a new car every year, buying is the more frugal investment.
When choosing between a new and used car, several other concerns must be addressed. When you buy a used car, what are you really buying? You're not buying a used car, you're buying the leftover used car because, think about it, when you had a used car, what did you do with it? You gave it to a family member, you sold it to a friend, or you gave it to a dealer and that dealer used it himself or sold to a friend. In sum, you're getting the worst of the worst.
Another thing to consider is the fact that when you buy a used car, if you finance it, you can't get good interest rates. The interest rates on a used car are sometimes 30% to 40% higher than a new car. Plus, you don't get the warranty. Additionally, most used cars that are halfway decent are between $15,000 to $20,000. You can find or negotiate several new cars for less than $20,000.
If you decide to go down the new car route, be sure to negotiate with the dealer and develop a relationship with that dealer so that when you have an issue, maybe he'll help you out, or when you need another car, he'll know who you are. Not only will you have a better product, but you'll also have a better chance of getting extra perks and benefits.
If you have any questions about buying a car, you'll want to have your finances in order. A NJ forensic accountant can help. To learn more, visit www.rabcpafirm.com/practices/a....
Robert A. Bonavito, CPA
1812 Front St.
Scotch Plains, NJ 07076
908-322-7719
www.rabcpafirm.com/?...
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