Benefits Of Buying A Used Car

Affordability

The most obvious benefit of choosing used over new is affordability. Because a pre-owned car costs less than a brand-new one, you'll save money upfront on your purchase. So no matter if you're paying cash or you need to take out a loan, it will be easier to manage the costs compared to a new car. For instance, your down payment and monthly payments can be significantly lower when you opt for a used car. If you're thinking of paying cash for your next vehicle, purchasing used will be easier on your wallet, too! When you opt for used, you may be able to get a nicer vehicle with more features than if you had shopped for a new one.

Lower Insurance Rates

You'll find that insurance for a used car is also more affordable. Insurance rates are calculated based on the value of your vehicle, so since used cars are less expensive than new, insurance will also costs less.

Slower Depreciation

When you buy a new vehicle, it loses a lot of its value in the first few years of ownership. While depreciation is ongoing, the steepest depreciation occurs in the initial years. By the time you buy a used car that's at least a year or more old, it should have already experienced this steep decline in value. Because of this, you'll pay less and won't lose as much to depreciation going forward!

Options

Models regularly become discontinued in the automotive industry, typically after five to seven years from their initial release. This fact won't affect your buying decision when you shop for used models, since you're not necessarily looking for the very latest model year vehicles anyway. You'll also be able to shop from a variety of makes, models, trim levels and features that may no longer be available when shopping brand-new vehicles. Buying pre-owned gives you more options since you're not limited to the features, trim levels and packages offered on a single year of vehicles.