Are you in the market for a new car? If so, hit the brakes for a second and consider your options. While a shiny, brand new vehicle may seem like a good idea, we think buying a used car is the better choice.
And remember, “used” doesn’t mean “old and battered.” You can buy a car that’s only a year or two old and still reap all the benefits of buying used. However, we don’t just expect you to take our word for it.
Keep reading for the top four reasons you should be looking at used cars for sale.
1. Lower Price Tags
First, let’s talk about the costs to buy a vehicle. If you buy a brand new car, you’re paying brand new prices. Each year, a new model comes out for the various makes and models of vehicles.
While these have slightly updated features and technology, is it worth paying thousands of dollars more? Did you know the average new car payment is $563?
For buyers with limited or low credit, buying a brand new car might not even be an option. If you don’t qualify for a $30,000 loan, you can find a much more affordable vehicle in the used category.
And if you’re looking to save even more money, you can trade in your current vehicle. However, if your current vehicle is in rough shape, you may need to consider selling it to a salvage company. If this sounds like the route you need to go, check out this company.
2. More Options
Next, when buying a used car, you have more options available to you. For example, if you’re working with $15,000-$20,000, your options would be incredibly limited in the new car section.
However, if you’re shopping for used cars, you will have access to all kinds of makes and models. In some cases, you can even find fully-loaded vehicles that most people could never afford brand new.
3. You Don’t Have to Pay High Depreciation Costs
One of the worst things about buying a brand new car is the depreciation costs. Did you know that a brand new car can lose up to 30% of its value in the first year?
When buying a used car, the worst of depreciation has already occurred. As noted earlier, this means you can buy a vehicle for a much lower price tag. It also means you’re not the one taking the financial hit of depreciation.
4. More Affordable Insurance and Registration Fees
Finally, you should consider used cars for sale because you can save a lot of money on your other vehicle-related costs. For example, it’s much more affordable to insure a used car. If you get into an accident with a brand new vehicle, insurance companies know that the repairs will be expensive.
Additionally, used cars are typically less expensive to register. Most state registration fees are based on the age or value of the car. This makes brand new vehicles quite pricy for the first few years.
Thinking About Buying a Used Car?
As you can see, buying a used car is the most financially prudent choice you can make when shopping for a vehicle. However, we can’t tell you what to do. Just consider the benefits listed above before making your choice.
And if you’re looking for more consumer tips or financial advice, don’t go anywhere. Read through some of our other blog articles before you go to find more valuable information.