If you are considering the purchase of a conversion van(s), one of the questions that you must ask is whether it should be new or used. There are pros and cons that weigh into your decision making process and should be considered before making decision. This includes cost, reliability of the conversion van(s) you purchase, purpose and usage.
You may wish to own a new vehicle for its new car or van smell but may not like how fast it depreciates in value the minute your drive it off of the dealer’s lot. A used conversion van(s) may be an economic fit for you upfront but cost you more money in maintenance charges over time than a new conversion van(s). Here are some of the key questions that you should consider first before you make the decision to purchase a new/used conversion van(s).
How Much Are You Willing to Spend?
One of the first questions you need to ask yourself when looking to purchase a conversion van(s) is how much upfront money do you need to spend. New conversion van(s) can cost you anywhere from $40,000 to over $100,000, depending on the make, model and any features included. Used conversion van(s) may go for $20,000-$40,000, again depending on different factors. The difference in costs between a new/used conversion van is certainly an important consideration when choosing to make a purchase.
What is the Cost of Owning a New/Used Conversion Van?
It should be noted that the depreciation rate on a new conversion van one minute after it has been driven off of the lot can be from $3,300 to $8,300. Within the first year, your depreciation on a new conversion van can be as high as 40 percent. This would also translate in a loss of initial value in the first year of $10,000 to $30,000. Used vehicles do not have the same depreciation hit as new ones.
This upfront loss in value is another important consideration to account for if you are looking for your conversion van(s) purchase. If you need the vehicle for a limited period of time and are concerned with the depreciation expense, a used conversion van may be the best option for you. If however you plan to expense depreciation for income tax purposes and plan to own the vehicle for a long term (i.e. 5 or 10 years), a new conversion van may be the better buy.
What is the Purpose for the Conversion Van?
The reason for owning conversion van(s) may determine the best type to own, whether new/used. If you are looking for a vehicle to cart the family around on short trips around town in the maximum amount of comfort, you may be able to get by with spending less for a used vehicle. If you are a person of discerning taste and need to newest and latest model available, consider spending the extra money to purchase a new conversion van.
Keep these tips in mind as you peruse the dealer lots and online automotive malls for your new or used conversion van.
