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In 1925 Laurin & Klement was acquired by Škoda Works which itself became state owned during the days of the Communist government. After 1991 it was gradually privatized and in 2000 Škoda became a wholly owned subsidiary of the Volkswagen Group.
Initially, the company was meant to serve the role of VW Group’s entry brand. Over time, however, the Škoda brand has shifted progressively more upmarket, with most models overlapping with their Volkswagen counterparts on price and features, while eclipsing them on space. Its total global sales reached 1.13 million cars in 2016 and had risen annually by 6.8 percent, profit rose by 6.5% in 2015.
While paying a lower purchase price for the same car model used rather than new is the obvious reason to buy a used car, there are others as well.
Reed says new cars typically depreciate about 20 percent when they are driven off the lot. Most cars will lose another 10 percent in value during the first year.
Because a used car has less value than a newer version, the cost of insurance should be less. Reed says even more money can be saved because some elements of car insurance can be dropped.
As with car insurance, the fee that states charge to register a car is often based on the car’s transaction price, Reed says.
You may not be able to afford that new luxury car you’ve lusted for, but one that’s two or three years old may fit your budget.
“Buying someone else’s problems” was how some have described buying a used car. Today’s consumer can minimize the risk and save money while avoiding hidden problems.