Buy Used and Ignore Myths of New Car Buying

I found this article by Rick Kahler full of great points.  This is the kind of approach that will make a huge difference in your financial life over the years. If you have a chance, I suggest you read The Millionaire Next Door: The Surprising Secrets of America’s Wealthy (1996,  is by Thomas J. Stanley and William D. Danko.

There is a good summary in Wikipedia at :

http://en.wikipedia.org/wiki/The_Millionaire_Next_Door

Steve

…………

Have you ever seen a Super Bowl ad touting how much money you could save if you bought something second-hand? Of course not.

There’s not a lot of encouragement in our culture to buy used stuff. Even the one exception, a used home, is described as “existing.”Buying used just isn’t cool—that is, unless you’re a wealth builder.

Many of them look upon buying used as more of a badge of honor than an embarrassment.  Certainly, there are many items that are best purchased new.   Toothbrushes, toilet paper, and underwear come to mind.   Yet there’s one thing that’s almost always better to buy used—a vehicle.  Let’s look at a few common myths around buying a new car.

1. “Buying a used car is just buying someone else’s problem.” That can certainly be true if you don’t do your homework. When shopping for a used car, be sure you research the model’s repair record. The best place for this is Consumer Reports. An inexpensive online subscription will give you loads of detailed information about every year, make, and model. Narrowing your search to the top used car values will significantly increase your odds of buying a great used car. Before writing a check for even a top-rated used car, take it to a trusted mechanic for an evaluation. The money you spend will be well worth the future headaches you save.

….. read the complete article here …

Rick Kahler: Buy Used and Ignore Myths of New Car Buying | Financial Awakenings.

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