After your home, your car will likely be the most expensive purchase you make. And, for most people, it is a purchase that will require years of loan repayment. If you don’t want that kind of financial commitment, it may be wise to shop for a used car. Here, we’ve made a list of reasons why you should choose a used car over a new one.
Helps You Save a Lot of Money
The most apparent benefit to purchasing a used car is that it will help you save money. If you’re on a tight budget or don’t want to spend too much but still want a vehicle that has great features and tech, a used car is the way to go.
Depreciation Won’t Hit You as Hard
Unlike a home, your car is not going to appreciate in value. What’s more, new cars depreciate a lot faster than cars that are 3-4 years old. In fact, new cars start to depreciate as soon as they leave the dealership. So, why not purchase a used car and drive it as long as you want and then sell it off to buy another one of your favorite models? You’ll lose a lot less money if you do this.
You’ll Get to Purchase a Better Car
For the same amount of money, you can either choose to buy a used car with all the bells and whistles or a new car that’s more basic. So, why not buy yourself a used car with more impressive features?
Low Insurance Costs
The value of the car is the primary element that auto insurers consider when determining insurance rates. Given this, it is really not so surprising that used cars cost less to insure than a new car.
Perfect for New Drivers
If this is your first car, it’s smart to opt for one that’s used since you are likely still figuring out your driving habits. Once you’re comfortable being behind the wheel, you can always upgrade to a new car if you want to.