I bought a used car

Used car Hyundai Elantra
This is my new toy.

I have been driving since for about 35 years. All my life I have bought second hand car. Some have lasted a long time, some have died soon after the purchase. In my mind, I have always gotten a good deal.

Here are some examples:

  • I bought an old Hyundai Pony for $500 and it lasted one year (My first car in Canada).
  • A friend gave me a Chevrolet Cavalier which lasted about 6 month.
  • I bought an Honda civic for $1,000 which lasted 2 years
  • I bought a Hyundai accent for $3,000 which I kept for 5 years and gave it up because I didn’t need it any more.
outdoor fire place.
Winter will be over soon. 🙂

On the hunt for a newer car

  1. It has to have low gas consumption
  2. It has to provide a great return for my money.
  3. And I have to like it 🙂

Here is the result.

I bought a 2013 Hyundai Elantra for $6,000 CAN. After I paid all the registration, taxes and permits, my total cost was about $7,000.

If the car lasts me about 10 years without any major repair, I am looking at about $700 per year, or about $60 per month. When I drive for Uber, I make $60 in 3 hours. In short. I believe I made and OK investment.

Why a 5 year old car?

  • A car starts losing value the minute you drive it off the dealership.
  • Within the first few days your car will lose about 10% of its value.
  • Within the first year your car has lost almost 20% of its value
  • After 5 years the car has lost about 60% of its value.

I think that buying a 5 year old car for only 40% of its original value is a good deal.

Enjoyment.

I really like this car. It is slick, fast, it’s like a toy. I have been driving it for a couple of weeks and every time I jump on it I have a lot of please with the acceleration and the shifting of gears.

What was the last car you bought? Do you think you got a good deal? Did I persuade you to buy used instead of new?

Please share your comments below.


Source: How Fast Does A New Car Lose Value

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