Cheap Used Cars Under 3000, Car depreciation can cost $3,000 a year. Here’s secret to minimizing it on next purchase

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Cheap Used Cars Under 3000 – Considering insurance, gas, maintenance and repairs, most drivers are well aware of how expensive cars are to be bought and maintained. In fact, the average cost of owning and operating a new vehicle is $ 8,849 per year, according to an annual study by AAA, or just under 59 cents per mile if you average 15,000 miles of driving a year.

However, the biggest cost that comes with buying a new car is mostly under radar, the automotive group said. “Depreciation accounts for nearly 40 percent of the cost of owning a new vehicle, more than $ 3,000 per year,” said Robert Sinclair, spokesman for AAA Northeast.

Cheap Used Cars Under 3000

New cars usually depreciate as you drive from the parking lot. By the time it was a year old, the vehicle had lost almost a third of its value, according to Edmunds data.

The secret to minimizing depreciation costs: “Keep your car for a long time and keep it well maintained or even consider buying a quality pre-owned vehicle,” said Sinclair.

For those who are shopping for a car, in addition to the purchase price and the rate you will pay to pay for the car, consider the length of time you plan to own your car, Sinclair suggests. By driving a pre-owned vehicle in good condition, you can reduce costs during that time.

The idea was caught. About 39.3 million used cars were purchased in 2017, up 1.8 percent from 2016, according to Cox Automotive. Or, new car sales fell 2 percent to 17.1 million.

Certified pre-ownership car sales, in particular, rose 1.6 percent year on year. (Certified pre-owned vehicles, which usually come from rent, often include guaranteed coverage, which greatly reduces concerns that can also come from buying a used car.)

While President Donald Trump’s tariffs on new car sales have not been put into effect, only the threat of higher prices on new cars can increase demand for used cars even more.

For this year, 39.5 million used cars are expected to be purchased in the US, up more than last year, while new vehicle sales are expected to decline to 16.7 million, said Cox Automotive.

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