Value of Cars

The first piece of advice when it comes to cars is never get your car from the dealership unless you dont care about losing money. Its a fact that as soon as you leave the dealership, a cars value drops like 20% right away. I heard a story that one person bought a brand new Mercedes from the dealership and got full coverage for it. He got into a car accident 2 days after and in theory the insurance company was supposed to cover the whole price of the totaled car but he never got back the full price of the car because the market value and dealership car values differ. Dealerships are way overpriced.

Now someone might be wondering, “well where can i still get a good car but with a better deal”? The first answer is ask around or look around. There are alot of great deals online. People sell used cars that are almost brand new. Sometimes you can get a great deal. I personally go another route that i want to share. My father os a mechanic and we buy cars from auctions like copart or iaai. The cars are damaged and need work done to them, but the advantages of this is that if you got the opportunity to fix the car yourself or for a cheap price, you win alot. Many of those cars have very low miles and the car is bought from the auction with a very low cost. For example i bought an 2010 Acura RL with only 48,000 miles from the auction for about $5,000 dollars. With all the fees, towing, and repair it cost me a total of about $8,000. The market value from kelly blue book was $18,000 for this car at the time i purchased it. The car now runs like new and looks just as good as new. I saved $10,000 and on top of that i can drive it and still sell it for more money than i bought it for.

Cars are probably the only things a person buys that losses value over the years. If someone buys a house, they can win actually because depending on the market, the value of the house can go up. That is why you need to make the right choices when it comes to cars.

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