When it comes to buying a vehicle, one of the most important decisions you’ll have to make is whether to buy a new or used car.
While there are certainly benefits to buying a new car, there are just as many or more reasons why buying a used car can be a great decision.
In this article, we’ll explore some of the top reasons why you might want to consider buying a used vehicle.
One of the biggest advantages of buying used vehicles is how low they cost. New cars are typically much more expensive than used cars, and the value of a new car can drop quickly in the first few years. By buying a used car, you can often get a high-quality vehicle at a significantly lower price.
As mentioned, new cars lose value quickly in the first few years of ownership. In fact, a new car can lose as much as 20% of its value in the first year alone. By buying a used car that’s a few years old, you can avoid this steep depreciation and get better value for your money.
Lower Insurance Rates
Another advantage of buying a used car is the low insurance rates you’ll need to pay. Insurance rates for a new car can be significantly higher than those for a used car, since the cost of repairing or replacing a new car is generally higher. By buying a used car, you can save money on insurance premiums as well.
More Affordable Financing
If you need to finance your vehicle purchase, you may find that financing rates for used cars are significantly more affordable than those for new cars. Since used cars cost less, the amount you need to borrow will be lower, which will result in a lower interest rate and lower monthly payments.
Certified Pre-owned Options
Many car manufacturers now offer certified pre-owned (CPO) programs, which provide additional peace of mind when buying a used car. CPO cars have been inspected and refurbished by the manufacturer to ensure they meet certain standards, and often come with a warranty and other benefits.
When buying a used vehicle, you have a much wider range of options to choose from than when buying a new one. You can choose from a variety of makes and models, and you may be able to find a car that’s no longer available as a new model.
Reduced Environmental Impact
Buying a used car can also be better for the environment. By extending the life of a vehicle, you’re helping to reduce the demand for new cars and the resources needed to manufacture them. Additionally, buying a used car can also reduce the amount of waste generated by the manufacturing process.
Better Negotiating Power
Lastly, when buying a used car, you will likely have more negotiating power. Since used cars are often sold by private sellers or small dealerships, you may be able to negotiate a better price or other terms of the sale.