Drive a Used Car

 

Jeff Foxworthy says if you own a home that is mobile – and 14 cars that aren’t – you might be a Redneck.

Redneck or not, if you’re in the car market, you’ve probably seen some great incentives to buy used or new. But the fact is that new cars depreciate about 20% the moment you drive them off the lot and another 10% over the next 12 months. So, I suggest always buying used cars. Take your time and do your  research.

If you buy the right used car,  you can get many good miles out of it while you own it, and still sell it for an excellent price. You’ll lose little, if any, money!  Plus, your insurance and registration costs are typically less. Several used-car sales companies provide vehicle history reports that give important information.

Look for certified pre-owned cars – these vehicles are insured to meet the manufacturer’s standards and will carry some form of guarantee similar to a new-car warranty. It’s also wise to pay to have a mechanic inspect a used car before you buy it. My son recently saved $2,500 in repairs by paying a mechanic $100 to do a full inspection on a car before he purchased it. That’s definitely worth it!

My family and I all drive used cars and have not regretted it! Pray for discernment- Be practical, take your time, and avoid temptation. No matter what, make it your priority to pay cash for a car. This could be a great savings goal – and the freedom you’ll experience by avoiding debt is so worth it!

But if you’re struggling with credit card debt, there’s hope! Our partners Christian Credit Counselors can help you develop a plan to pay off debt and live with  freedom in your finances.