There’s no denying the joy associated with buying a new car, but that doesn’t mean it’s your only option. There are many reasons to buy a used car, all of which you should keep in mind as you inch toward making a final decision.
The following five reasons may give you the motivation needed to turn your attention to the used car market:
1. Stretch your dollar further
Used cars, when compared to new models, are more affordable. With that, you can stretch your dollar further. This allows you to get more bang for your buck, such as extra features and a higher trim level.
2. Larger selection
In today’s automotive market, there are more used cars available than new cars. So, if you want to compare a larger selection of vehicles, you need to open your mind to buying a preowned vehicle.
In many cases, used cars have a better warranty than new cars. This is particularly true if you opt for a certified pre owned vehicle. A longer warranty gives you peace of mind for a greater period of time. If something goes wrong, you can file a claim and have it fixed with no (or little) money out of pocket.
4. Avoid early depreciation
As you’ve probably heard, new vehicles depreciate the most in the first year. Buying a vehicle after this period allows you to avoid this depreciation, thus putting you in a better financial position.
Also, a year old vehicle isn’t likely to have high mileage. It’s the best of both worlds.
5. Lower insurance costs
As a general rule of thumb, older vehicles cost less to insure than new vehicles. Contact your insurance company to find out how much less. They can provide a quote for any type of vehicle, new or used, so you can see exactly what your savings would look like.
It may not sound like a big deal upfront, but saving money on your insurance premium will put a smile on your face for years to come. Depending on the purchase you make, saving hundreds or thousands of dollars over the life of your vehicle is well within reach.
While these are among the top reasons to buy a used car, you’re sure to come across many others during your search. It’s not the right decision for everyone, but it’s worth your consideration.
Have you ever purchased a used car? Were you happy with the end result? What advice would you give to car shoppers?