New car sales are critical to our economy and since the economy crashed back in 2009 car sales have been on the rise every year and many manufacturers have seen record sales. Those record sales have been achieved by selling more cars, SUVs, crossovers and trucks. Luxury brands are expanding their vehicle choices to offer more affordable ones so they can appeal to more buyers. Non-luxury brands are expanding their lineup to appeal to the luxury buyer with hopes they can lure them with a better value proposition. We are seeing better vehicles being made and it is no longer uncommon to see a domestic or import that has been well maintained exceed 100,000 miles on the odometer. The “used” car has evolved for the better.
Record sales have created used car inventory for all vehicles and that includes the luxury category. It’s simply supply and demand. The greater the supply the lesser the demand and that has a downward impact on price. Factor in depreciation with high levels of inventory and the advantage goes to you the shopper. Depreciation is your friend!
Nowadays most of the major manufacturers have “certified pre-owned” programs. These programs have completely erased the stigma once associated with buying a used car. Prior to these types of programs buying a used car was considered a roll of the dice. Today between “certified” programs, 36-month leases on a four year 50,000 mile new car warranty and tools like CARFAX I’d argue it makes little financial sense to buy a new car. Cars are only second to the largest ticket item you will purchase in your life. Home sweet home is number one and there are probably a few Millennial out there that might argue student loans for my college education rank second behind home ownership.
This is where we come in. PoorManRichCars.com was created to let buyers be aware. Be aware not beware of the fact that luxury is closer than you think. With the glut in inventory of luxury cars from prestige brands owning a luxury car has never been more affordable. Whether you are buying near new or something older that is certified pre-owned I couldn’t make an argument based in good logic to buy a new vehicle. It is guaranteed to depreciate and require monthly maintenance. I am not a financial advisor but I can assure you that’s not an investment I’d sign off on.
Our custom Buying Guide will offer you insights based on the budget you have. Subscribe for one month or six or for the entire year. You’d be surprised how much luxury your money buys. Depreciation is your friend!
