Once you’ve finally decided that you need to replace your car, deciding whether it’s better to purchase a new car or a used car can be a pretty difficult decision. Although many people choose to look at new car sales because they have more flexibility in terms of extra features and financing plans, there are many reasons why buying a used car can be the perfect investment:
- It’s no secret that new cars tend to lose their value exponentially; the minute you drive a new car off the lot of your local car dealers, that vehicle starts to lose its value. In fact, some new car models can lose as much as 40% of their original value within the first year after being sold. When you buy a used car, you don’t have to worry about this at all.
- It’s important to remember that many used cars — especially those you find at your local car dealers — are fairly new; when consumers choose to lease a vehicle, the lease usually lasts for two to three years, and they’re required to return the car to the dealership once the lease period is over. This means that consumers looking at used cars will have plenty of models to choose from, and many of these models will have technologies and safety features that newer cars have. With the relative affordability of used cars, and with the huge increase in leased cars being returned to dealerships now, consumers can easily afford a nicer used car for a very reasonable price.
- Although many people prefer to buy new cars because of the flexible financing, many trustworthy car dealerships will provide a few different options to consumers who wish to purchase a used car but need some help with their finances. In many cases, you have have your monthly payments lowered and spread out over a period of 60 months, especially if you wouldn’t otherwise be able to afford a car.
Now it’s your turn to share! If you’ve purchased a used car before, what was your primary reason for doing so? If you’re thinking about buying a used car, what concerns or questions do you have? Be sure to share your thoughts with us!