WOOD RIDGE, N.J., Dec. 11, 2017 /PRNewswire/ -- How There's More to Used Cars for Sale in Hackensack, NJ Than Meets the Eye East Coast Toyota, a new and used car dealership specializing in Toyota vehicles, sheds light on key price differences between new and used cars that are easy to overlook. These differences largely come down to the depreciation rate and "forgettable" expenses like car registration and car insurance. Such information benefits the public, especially given that 7.1 million cars were sold in the US last year.
Perhaps surprisingly, while car buyers have access to more online information than ever—reviews, prices, online searches for comparison shopping—the majority still purchase cars in person, even after the average American car buyer researches online for 11 hours, compared to the 3.5 hours spent offline. It's more likely then that negotiation happens in person than behind a screen; information between new and used cars becomes more beneficial, as US car buyers can use these key differences to secure a better deal at the negotiation table.
The price difference between new and used cars largely boils down to the depreciation rate, which can be as high as 20% to 30%. Off the lot, a $30,000-dollar new vehicle can drop down to $24,000 within 1-2 minutes. Whereas a used car of the same make and model depreciates less because it has already made the depreciation jump from the lot to the street. Still, car buyers may buy new and trade new technological amenities for a dramatic depreciation rate. Nonetheless, they can still use the immediate price dip to negotiate a better price.
Car insurance and car registration, "forgettable expenses," may initially go unnoticed yet still impact the price difference between new and used cars. Simply put, because used cars are worth less, the car insurance will cost less. This too translates to a cheaper car registry renewal, which gradually goes down more each year. However, more extensive and flexible warranties typically offered with new cars may make car buyers question if these (cheaper) expenses are worth it. What car buyers may not know is that some used cars do come with an extended service contract or warranty, which can make up for the "new-car warranties." (In any case, it depends on the car and parties involved.)
About East Coast Toyota: East Coast Toyota is a Toyota dealership in Wood-Ridge, New Jersey. It offers used, certified pre-owned, and new vehicles. Currently looking for Meadowlands used cars or used cars for sale in Hackensack, NJ. View our current inventory here: https://www.eastcoasttoyota.com/used-vehicles/.
East Coast Toyota
SOURCE East Coast Toyota