Loan Value on a Used Car

New cars are so expensive even way before. With lots of folks nervous about the present economy, buying a used car makes more sense than buying a new one.

A new set of wheels costs around $21,000 plus. This is already a big financial commitment even in the best of times. But what about when times are tight? Is it still worth spending that amount of money on a car?

According to the Auto Affordability Index compiled by Detroit-based Comerica Bank, it takes 19.9 weeks of median family income before taxes to buy a new car during the third quarter of 2003. That’s roughly five months’ worth of salary spent on a car alone. This is definitely not a wise way of spending your hard-earned money. And it’s foolhardy to spend $21,000 on a car when the economy is slowing and the headlines are filled with job layoffs.

Fortunately for you, there are several loan value options you can take. Loan value for a used car in the market is flourishing. In fact, millions of cars come off lease each year, leaving you with tons of 2 to 4-year-old vehicles to choose from when considering getting loan value for a used car.

Loan Value on a Used Car

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