The cost of a new or used car is made up of more than most people think. There’s, of course, the actual cost of the vehicle and any interest included. You also have to take into account the associated maintenance costs associated with your new ride. Insurance is also a big part of the cost associated with any car purchase.
Most people believe that used vehicles are cheaper to insure than a brand new car because they’re older and for the most part less valuable however this is not always the case. Newer cars generally cost more to insure, but this is not always the case. There are a few factors that can flip the insurance scales the other way.
Contrary to popular belief it’s not always the sleekest and newest rides that are stolen the most. For the most part thieves like cars with parts that haven’t changed much over the years, so they can sell the stolen car parts easily. Most popular include 90’s Honda Accords and Civics, early 90’s Camry’s, and later 90’s F-150s.
Costs of Repairs and Parts
As cars age and their model lines change, replacement parts can become harder to find. Popular models might see their parts in production for many years, however less popular models don’t always receive the same attention. This means more costly repairs which means more expensive insurance.
Replacing a damaged vehicle can also be a nightmare. A ‘93 Accord might be easy to replace, but what about a 92 Jaguar?
Your Own Driving Record
Probably the most telling factor that will affect your car insurance rates. Tickets, accidents, and even how well you’ve made your payments to other car insurance companies can inflate your monthly premiums to the point where a ‘91 Civic can cost as much as an ‘18 BMW to insure.For the most part, a pre-owned car will be lighter on your wallet than a shiny brand new model. In certain circumstances though, a used vehicle can be just as expensive if not more so to find coverage. If you’re in the Edgewood Maryland area, Thompson Chrysler Dodge Jeep Ram will help you find a new or used vehicle that won’t break your insurance budget.