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In general, a new car will cost you more to purchase than a used car—but, if the used car is not in good shape and turns out to be a lemon, the total cost of owning a used car could be higher. So, be careful with used cars, because you never really know what you are buying.
If you can afford it, a new car is typically the vehicle of choice. Here are some criteria to help you determine if a new car is suitable for you according to your objectives and needs.
IMPORTANT NOTE: A new car can lose as much as 30 to 40% of its value in the first year. If you plan on keeping the car only one or two years, you may end up losing quite a bit of money.
Try to avoid ordering a new car; delivery can take months and a security deposit will likely be required. If you can, buy one off the lot.
Dealers generally run specials on new cars at various times during the year, offering rebates and low- or no-interest-rate financing. If you can wait, this is one of the best times to negotiate a good price.
Not everyone has the money or the desire to own a new car. If you have the opportunity to buy a car from a relative or friend that you know has taken care of the car, it could be a good deal. Here are some criteria to help you determine if a used car is suitable for you according to your objectives and needs.
Securities and Investment Advisory Services are offered through LPL Financial, a Registered Investment Advisor, member FINRA/SIPC. Insurance products are offered through LPL Financial or its licensed affiliates. Heartland Planning Associates is a trade name of Heartland Bank. Heartland Bank and Heartland Planning Associates are not a registered broker/dealers and are not affiliated with LPL Financial. The investment products sold through LPL Financial are not insured Heartland Bank deposits and are not FDIC insured. These products are not obligations of Heartland Bank and are not endorsed, recommended or guaranteed by Heartland Bank or any other government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. The LPL Financial representatives associated with this website may discuss and/or transact securities business only with residents of the following state: Ohio. Check the background of investment professionals associated with this site on FINRA's BrokerCheck.
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