The idea of buying a brand-new vehicle is something that comes across the minds of many people from time to time. There’s something about that “new-car smell” and all of the new designs and features that are available on/in cars today. Not only do these new cars come with luxury features, but they also tend to come with new safety features.
Maybe it’s time for you to get a new car because your current one is giving out on you. But getting a new car doesn’t have to mean the car is brand new— just that it’s new to you. Here are four reasons why you should consider getting a used car over a brand-new one.
#1: Used Cars Are Almost Always Less Expensive
The number one reason that most people choose a used car over a brand-new car is the purchase price. News cars are known to be more expensive than used cars, simply because they’re new (of course there are some exceptions). Cars also tend to depreciate, so the prices almost always decrease as time goes by.
The price of used cars isn’t the only thing that tends to be less expensive than new cars: in many states, you’ll pay a lower sales tax on used cars as well. The yearly registration fees associated with owning a car are also lower in some states for used cars. Finally, used cars are cheaper to insure than new cars.
#2: A Used Car Doesn’t Mean an “Old” Car
The term “used car” doesn’t necessarily mean that the car is old— it just means that it had a previous owner. You can drive a used 2022 vehicle, especially this late in the year when 2023 models are coming out. Some people like to get the newest vehicle, so you may be able to purchase their used, yet still current, model car.
If you look in the right places, you may also be able to get a used luxury vehicle, such as a Lexus or a Mercedes, or even an electric vehicle at a decent price. You can even get more cars for your money, upgrading to an SUV or truck for the same price you’d pay for a brand-new sedan or midsize car.
#3: It Can be Less Stressful than Owning a New Car
Purchasing a brand-new car— even if it’s not a luxury or electric vehicle— can be very stressful. First of all, you’re probably constantly worrying about someone accidentally denting or scratching your car, or worse, getting involved in a fender-bender. On the other hand, you’re less likely to stress over these things with a used car because it’s used. It may even already have a few dents and scratches on it.
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Used cars also depreciate slower than new cars. Older vehicles are naturally worth less than newer ones (most of the time), but most cars lose the majority of their value within the first two years of being manufactured. As time goes on, the value decreases at a slower rate.
#4: You’ll Still Have Financing Options
Many people may assume that you can’t finance a used car because it’s used, and it’s cheaper than a new car. However, not all used vehicles are affordable— but there are financing options available for those looking to buy a used vehicle, but can’t necessarily afford to pay for one in full. Look into banks and credit unions that offer auto loans for both used and new vehicles.
Being able to finance a used car can also give you more options, which options are slim when it comes to used car shopping. You won’t have to settle for a 10- or even 20-year-old vehicle that’s under $20,000. Being able to finance a used car can mean that you’ll be able to get a new model— and others may not even be able to tell it’s used.
Realistically, there are some downsides to owning a used car. Used cars tend to have higher maintenance and repair costs, and they don’t come with warranty coverage from the dealer like their newer counterparts. You’re also in the dark about the car’s history. Still, it is very possible to come across a reliable used car for a good price.
The bottom line is that you must do your research and weigh out all of the pros and cons when it comes to buying a car— new or used. A car is an investment, especially if you plan on keeping it for a long time.