The purchase of a used car is a very big decision, and one that should not be taken lightly. There are a lot of things that go into the decision of what car to buy, and the price is only one of them. Used cars are not only a great way to save money, but they are also a great way to get a car that is just as good as a new one. Here are some of the reasons why buying a used car is the smarter decision.
- Used cars are cheaper than new cars:
The average new car costs over $36,000, the average used car costs less than half of that at just $15,000. That’s a big difference, and it’s one that immediately makes used cars a more appealing option for many buyers.
- Used cars don’t lose value as quickly as new cars:
As soon as a new car is driven off the lot, it starts to lose value. In fact, a new car can lose up to 20% of its value in the first year alone. That means that if you buy a new car for $30,000, it could be worth as little as $24,000 just 12 months later. A used car, on the other hand, has already gone through that initial depreciation, so it won’t lose nearly as much value over time.
- Used cars come with lower insurance rates:
Insurance companies charge more to insure a new car than they do to insure a used car. That’s because new cars are more expensive to replace if they’re totaled in an accident, while used cars are not. As a result, you can save a significant amount on your car insurance by choosing to buy a used car.
- Used cars may have lower interest rates:
If you finance your car purchase, you’ll likely get a lower interest rate on used cars in sewell than you would on a new car. That’s because lenders see used cars as being less of a risk than new cars. As a result, you can save money on interest charges by choosing to buy a used car.
- You can buy a used car with cash:
If you have the cash on hand, you can avoid interest charges altogether by buying a used car with cash. This is a great option if you’re looking to save money on your car purchase.
- You can find a used car that’s just a few years old:
If you’re looking for a used car that’s nearly new, you can find plenty of options that are just a few years old. These cars have all the latest features and they’re still relatively new, so you can enjoy peace of mind knowing that you won’t have to worry about major repairs anytime soon.
- You can find a used car with low mileage:
If you want a used car that hasn’t been driven much, you can easily find options with low mileage. These cars have had fewer owners and they’ve been driven less, so they’re often in better condition than cars with higher mileage.