Over 46,000 car sales happen in the US every day. Are you looking to be one of them?
If so, you have lots of decisions ahead of you. The make, model, and engine size are all critical. But one of the first is whether to buy new or used.
New cars may seem flashy and exciting. But there are far more benefits to buying a used car. And it goes far beyond them just being cheaper.
Read on for the most significant reasons your next car purchase should be a second-hand vehicle.
Financial Benefits
When people think of buying a used car, one of the number one pulls is its lower price. Used vehicles cost far less than their new versions. But this is only one way a used car can save you money.
Consider these financial advantages of buying a used car.
Faster Finance Payments
Used cars cost much less than their new counterparts. But expensive used vehicles still exist, many of which have finance options. These allow you to pay off the purchase over time.
The advantage of used car finance over new car finance is how quickly you can pay it off.
The more a car costs, the longer finance can take. So buying an affordable vehicle, even on finance, means you pay it off much faster than a new car. Then you can enjoy your vehicle debt-free!
Cheaper Even on Finance
All finance options require you to pay more overall than you would upfront. But the shorter the finance, the less you end up spending overall. That means your car costs you less, even when bought on finance.
Depreciation Has Already Happened
One of the biggest cons to buying a new car is how quickly it loses value. As soon as you drive it away from the dealership, it loses its worth. When reselling a new vehicle as used for the first time, owners will never be able to get anything near the retail price.
This isn’t true for used cars. While all vehicles lose value over time, the rate at which it happens slows. So if and when you resell your used car, you’ll earn much more than you could with a new vehicle.
Fewer Dealership Fees
The car is only part of the bottom line when you buy a new car. The total cost can include thousands of dollars in fees.
In fact, one estimate suggests that fees can cost up to 10% of a new car’s price! So if you bought a new car for $40,000, you could pay up to $4,000 in fees alone.
Examples of these fees include:
- Shipping fees
- Dealership fees
- Documentation fees
- Registration fees
But if you buy a used car instead, these fees have already been paid! While a used car dealer may still have their costs, they will be nothing compared to a new car.
Cheaper Insurance
Parts of newer cars are generally more advanced but not yet as widely available. If they get damaged, they cost more to repair. So as a general rule of thumb, the more a car costs, the more expensive it is to insure.
Therefore, by buying a used car—which is cheaper—you’re lowering your insurance premium too!
Price Comparison
There is only one place you can buy a new car—the dealer. Used cars, though, have far more options.
Used car dealers compete to offer the best prices for their cars, offering you far more price options. And with sites like Automoblog, you can compare these dealership prices to find the best one.
In other words, you can only get the best deals if you buy a used car.
More Variety to Choose From
You are limited by the latest releases if you buy a new car. But buying a car second-hand opens up far more possibilities.
You can buy cars that are no longer in production. Or you can buy the used version of a popular new car. Either way, far more choices are available than this season’s releases.
Better for the Environment
Between 80 and 90% of a car’s carbon footprint comes from fuel consumption and emissions. But that leaves up to 20% coming from somewhere else. Where?
The manufacturing and shipping process. That’s right—up to a fifth of a car’s carbon footprint happens before it’s driven.
Therefore, if you buy a used car rather than a new one, you are helping the environment. You refuse to generate another whopping 20% of a car’s environmental impact.
More Information Available
One of the issues with new cars is how little data exists on their performance. How can you know how well the vehicle will hold up in 5 or 10 years?
Used cars, by contrast, have plenty of information available.
While new cars are often reviewed as soon as people buy them, you can’t read long-term performance data. That means you can’t find the answers to crucial questions, such as:
- How does the car handle after wear and tear?
- Will there be a mass recall over a faulty part?
- Is it expensive to repair in the long run?
Without that information, knowing whether a car is worth investing in is challenging. But with a used car, all answers are already out there. Thousands of drivers have reviewed the vehicle over time, letting you know exactly how it will hold up long-term.
Many Are Still Under Warranty
Some people assume that a warranty protects only new cars. But this is not always the case.
Some newer cars may still be under their original warranty. Other used car sales may have their dealership warranties. So you can drive your car worry-free, even if it’s second-hand!
Learn More About Buying a Used Car
Does buying a used car seem like an overwhelming process to you? There’s far more choice and information out there than with new cars. But you don’t have to do it alone!
The best way to wade through the process is to stay informed. We publish new articles here every week, so you’re constantly updated.
Type “cars” into the search bar to start learning more.
