Shopping for a car is a big decision. Getting started can be difficult when you’re trying to decide between buying a new or used car. Everyone has their reasons for buying either way, but we’re here to give you a few of the reasons why buying a used car might be the right way to go for you.
You’ve heard your grandpa say it a hundred time. “As soon as you drive it off the lot, it loses half it’s value.” Well, that’s a bit of an exaggeration, but your new car will depreciate about 30 percent over the first year you have it. So, unless you feel comfortable with your payment, your car, and that you can pay down 30 percent of your remaining auto loan within the first year, you’ll be upside down on that bad boy fast.
Used cars don’t depreciate nearly as fast as new cars because you’ve already let it do that on someone else’s watch. The value of a used car somewhat levels out over time and you’ll quickly have equity in your car after you buy it.
When you talk to your insurance agent about your new car, there’s a chance you’ll be shocked at the quote you get for your new premium. Don’t spend all your walking around money insuring your car. Save money and have more fun when you buy a used car. Your wallet will thank you later.
Your budget will go a lot further with a used car than a new car. If your budget for a new car is $30,000, your options are limited to full-size sedans or small or midsize SUVs. However, when shopping for a used car with that chunk of change to your name, you can walk on just about into just about any nearby used car dealership and get treated like a king.
Take advantage of what used cars near you have to offer and let your budget stretch further. You’re more likely to find something you’re in love with rather than settle for a car that’s undersized and under provides.
These are just a few benefits of buying a used car rather than a new car. Visit your nearby used car dealership and the staff will help you find the used car that best fits you.