Two years ago, we bought a car (a Mazda 323) for the first time, and it has been quite an education in ill considered expenses. I hadn’t quite understood the complete expense list of purchasing a car. I was quite shocked once I factored into the costs the devaluation, insurance costs, and so …
Our car is now only worth 50% of the original cost, after only 2 years! We did originally look at purchasing a second hand car, too. But the problem was finding a reliable second hand car sales, so we abandoned the search after visiting one or two vendors in the area nearby. The garages were all problems one feared a secondhand seller might have: mostly, that tomorrow they’d be gone. So we never bought despite some attractive prices.
Car Classifieds online would be the answer, in fact. LemonFree has a great selection of models and years, you can look up Toyota Camry. I tried my Mazda 323 search to find one available at CAD$3,200… Pity it was a 1992 model! It had nearly 198,000 miles on the clock!
Of course, the problem with 2nd hand cars is you can’t always be sure that you won’t get ripped off, and possible repairs for worn out parts. So try to find out as much information as possible before you consider buying a 2nd hand car.
Once you purchase a 2nd hand car, you can say good bye to great first year devaluation, monthly payments. Then you can use the money you save to invest in ETFs or CDs or even bank deposits, and earn a little cash monthly, with returns from 2% to 8-10%pa.
This way to use your money wisely is sponsored by LemonFree.Com.