When most of us think of buying a used car, we imagine strolling into a forecourt and being surrounded by depressing brown, yellow and orange jalopies with generous price tags perched on the windshield, desperate for a new owner.
Thoughts of rust, dubious salesmen with high-pressure sales tactics and reliability concerns flood our minds. However, nothing could be further from the truth.
Today, with an economy still recovering from the 2008 financial crisis with families still steadfastly living to a sensible budget and not overstretching themselves financially, used cars are more popular than ever. Here are just some of the reasons to consider buying a used car over a new one.
Used Cars are Better Value for Money
As enticing as that new car smell can be, and the feeling of owning a car fresh from the production line, the simple fact is that all new cars have premium prices.
In fact, according to an article by USA News in December 2016, the moment that you first turn the ignition key and drive a car off the forecourt, you’re likely to lose 20% of the vehicle’s value. So, if you don’t put down at least 20%, you already owe the lender more money than your new car’s worth.
Did you also know that over a five-year period, it’s estimated that new cars can lose as much as 60% of their value? Less recognized brands suffer the most, with cars being sold at significantly marked-down prices to appeal to the reduced buyer market.
Used cars, on the other hand, don’t suffer the same amount of depreciation. In many cases, any percentage you lose upon initial purchase is negligible. Also, given that new cars lose the bulk of their value in the first three years, both short and long-term used cars are better value for money.
You Have Increased Choice When Buying Used Cars
Unless you’re lucky enough to have a substantial or even unlimited budget, the price of new cars does restrict your choice. However, by expanding your car search to include used vehicles you can significantly increase your choice.
Let’s say that you’ve had your eye on a Jeep Wrangler but have always gawped at the price. By choosing a 2014 model over a 2017 model you can save yourself thousands of dollars – and own the car that you want.
When you buy a used car as opposed to a new car, you’re also able to choose from a far wider inventory selection – and not limited to recently released models either. This is great because, not only are vehicles cheaper but, if you do some research you can find the exact car specifications, engine size, color, design that you want.
You Can Potentially Avoid New Car Fees
Whenever you buy a new car from a dealership, the likelihood is that you’ll have to have deeper pockets that stretch beyond the price advertised for the car.
Costs such as sale processing, car preparation and advertising are often tacked onto the final price. Whereas they may at first seem to be acceptable, these fees can quickly escalate – and before you know it, you’re paying far more the for the car than you initially thought.
The cost of these fees can amount to hundreds or even a thousand or more dollars. Before you know where you are, you’re digging deeper and deeper into your pockets to complete a sale.
When buying a used car from a private party you don’t need to worry about escalating cost. Often, private parties are keen to complete a sale, so you might even be able to buy the car cheaper than you initially thought!
Still thinking about solely buying a new car? Well, why not do some research and visit a couple of showrooms, you might just surprise yourself! Also consider performance tuning an older car to get modern performance out of it.
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