Simple Ways To Understand Car Value Vs. Price
Almost all of the car dealerships in Houston push the cost of a vehicle as the selling point of a particular vehicle. The gimmick is simple, they place the Manufacture Suggested Retail Price (MSRP) on the window of the car to make it seem more expensive than it is. The MSRP is a suggestion but also a deception, be careful when a dealer claims he’s saving you money by showing you this price.
Car dealerships in Houston will then use the “buffer” they have on the price to fool you, making you feel special when they lessen it by a few thousand dollars, but if you finance the vehicle and have little or no credit, you will end up paying close to if not the entire sticker price.
Shopping for a vehicle the proper way is to do so by breaking down the value in it’s total lifetime. You can do this by what you will be paying for to drive the car off the lot, then adding all of the maintenance fees you’ll pay over the next few years. For example, let’s say you buy a 2008 Toyota Camry with 20,000 miles for $13,750
You have to factor in the cost of repairs. We can estimate this based on the condition of the car. Categories that measure a cars health are: engine components (such as the motor, radiator, alternator, air filter, battery, etc); tires, exterior components like windshield wipers, headlights, taillights, suspension, brakes.
It’s very likely you would spend about $3000 in repairs over a 4 year period with out any unreasonable factors increasing the chance of breakdown if the vehicle is in “okay” condition, then. That means the value of the car is only $3,500 over a four year period. To clarify, if you bought a car for $9,000 and it had little to no repairs in a Four year period, then you are getting a better deal on your car.
Car shopping on price alone is the single biggest problem with unsatisfied car customers. When you shop with value in mind, you will have a better idea of what you will really be spending and it will help you determine whether you are getting your money’s worth!
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