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You can get a refund on most things you buy except a new car. That says a lot. The price of a new car has soared in recent years. Between 2020 and 2021, car prices spiked by 17.2%... Click Here.
Some things have remained the same. The car depreciates the moment that you drive it off of the car lot. Some depreciation estimates range from 10% in the first year to 60% after five years. It's also interesting to note that most new cars haven't been vetted. There may be underlying issues that necessitate a recall at a later date. Full coverage insurance has to be maintained on an automobile if you plan to get a loan. As mentioned earlier, the jump in car prices may make financing unavoidable. There is scheduled maintenance that has to be taken into consideration as well. In addition, newer technologies require different repairs than they did in previous years. Baby Boomers dealt mostly with combustion engines, but Millennials (born between 1981 and 1996) may have to replace a battery in a Tesla, which could cost thousands. Repairing a hybrid could be super expensive as well. Newer cars do offer the latest technological trinkets. They have huge displays, come standard with most features that were considered luxury in the past, and they may be a lot safer. There is nothing like that new car smell.