4 Advantages of Buying a Used Car

Purchasing a car is exciting!

Given the sheer number of decisions you need to make, it can also be extremely stressful. One of the biggest of these is choosing between used vs new models. Here are four advantages to opting for a used car instead of a new one.

1. Used Cars Are Less Expensive

This is the most obvious — and likely the most enticing — reason to choose a used car over a new one. When you compare costs, buying used typically yields a higher down payment, a shorter loan, a lower monthly payment, fewer financing fees and less interest charged to you. In some instances, it may even mean you can pay cash for your new-to-you ride.

2. Most of Their Depreciation Already Happened

As soon as you drive a new car off the Boise, Idaho, lot, its value takes a nosedive by as much as 10%. As days pass, it continues to depreciate. Most new cars lose 20% of their value by the end of the first year and 40-50% at the conclusion of three years. When you buy used, most of that value-loss has already occurred. When weighing used vs new, bear in mind that some used models actually gain some of their financial worth back.

3. Modern Cars Last Longer Than Ever

When you buy a used car from a reputable dealer, you’re not buying a beat-up 1982 hatchback. Modern cars are built to last, and they increase in reliability and innovation with every passing year. In fact, many are designed to drive more than 200,000 miles in their lifetime.

4. You Have Many More Options

The used car lot is a veritable smorgasbord of vehicles. While auto manufacturers release approximately 350 new models into the wild each year, the selection of used cars available at any given time is seemingly endless. What’s more, that used-car selection is not constrained by today’s trends. Maybe you really do want that retro, Reagan-era hatchback. Buying used can make that happen.

Your next ride doesn’t have to be brand-new to be a thrill. It only needs to be new to you. When you compare used vs new, you may find that buying a used car is a winning proposition.