Finding yourself without a reliable vehicle is not a desirable situation. You’d love to buy a new car, but you’re lacking two essential things — excellent credit and bank financing. While it may be true that you don’t qualify for a brand new car, that doesn’t mean that you are stuck with your old, unreliable one. A used car may be the answer. If you don’t have the money to buy a used car outright, purchasing a used car from a buy here pay here car dealership is an excellent alternative. Here are three reasons why this is a smart move.
Credit Issues are Less of a Problem
If your credit is less than perfect, it can be difficult, if not impossible, to get financing for the new car you desperately need. Used car dealerships understand that many life situations can cause someone’s credit to be less than ideal.
Many buy here pay here used car dealers offer in-house financing to assist you in purchasing your new vehicle. While not every credit situation may qualify, if you can afford to make a monthly car payment, they may be able to work with you.
Used Cars Are Cheaper to Purchase
According to USA Today, the average cost for a new car is $31,252.00. And while it’s true that many people make payments on their new vehicles, it can take years to pay off such an enormous amount, especially when interest is a factor.
Conversely, the average price for a used vehicle is only about $15,617.00, according to edmunds.com. That’s a savings of almost 50%. It’s also important to note that used cars can be even cheaper than the average price, depending upon the year, make, and model you select.
Greater Value for Your Money
Buying a used car allows you to get greater value for your hard-earned dollars. New cars suffer from what’s known as depreciation in value. This means that a brand new car loses value very quickly.
In fact, driving a new car off the lot causes it to lose 11% of its original value. Over two years, the total value of a new car declines by as much as 30%. Your new car is no longer worth $31,000, but you’re still paying for it as if it were.
Used cars do not suffer from this huge decline in value. In fact, because the cars have already depreciated in value, the deprecation actually slows down. This means that the gap between your used car’s purchase price and it’s actual value is much smaller.
All of these reasons make buying a car from local buy here pay here used car dealers a good financial move. You can get a good car at a fair price and put an end to your car troubles.
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