We are all excited about the brand new shine and features of a new car, but all the comfort and luxury comes at a premium price. All the new and upcoming cars we see have modern tools to ensure a safe and pleasurable drive, but you may have to spend considerable bucks to buy one.
The popular car manufacturers are spending millions of dollars designing and developing better, safer, and more fuel efficient vehicles for the customers. Each year more than 10 million new cars are sold across the country. But most people are not affluent and look to get a used car at an affordable price rather than buying an expensive new car.
Why Buy Used Car instead of a New One
Many people always look to get a new car because they want to feel a brand new car in their hands rather than a car with thousands of miles on it. According to various research and studies, used cars are sold twice as much as new cars.
The big question is why the market for used cars is more popular than the new ones.
Most people assume that used cars mean 4 or 5 years old cars, but the used car can even be a vehicle that is driven for 2 or 3 months. Some of the most crucial reasons why you need to buy the best used cars for sale near me are
- Saving money
Everyone will love to have a new car with a shiny exterior, zero miles, plush seats, and factory warranties. But buying an expensive new car just for the sake of being the first to drive it is not economical, particularly if you do not have a 401k plan.
The moment you drive the car from the showroom to your house, the car’s value is said to depreciate by an average of 10%. For example, if you pay $20,000 for a new car and drive it for a day or two, its value will be $180,000.
If you are buying the car through financing, it means the car you will be driving will be less than the loan you took out. Another point to consider is that the car’s value will continue to depreciate and not add in value the more miles you drive it. Usually, a car depreciates 10% after the first year of ownership and then 15% to 25% after the next 4 years.
When you buy a used car, all the depreciation has been done for you, and you may be lucky to get a good deal.
- Choose from a variety of cars
Another significant factor in buying a used car is that you get to choose from various options. If you go for a new car, then you will be limiting yourself to the current year’s model along with the transmission and color options.
On the other hand, getting to choose a car from the last 4 to 5 years lets you have a bigger range to choose from. You can easily stay patient and get the best-used car, and with all the features you may be looking for.
- Getting your Dream car in less money
You may have a favorite dream car to own and drive, but it may be expensive to buy. For example, you want to buy a dream new sedan from a popular car brand, but it may cost $25,000 MSRP (Manufacturer’s Suggested Retail Price).
The best thing to do is not rush to buy it but wait for a couple more months. After doing another search for the sedan, you may be surprised to find a previous year’s model for $18,000, which will save you $7,000.
You can easily drive your dream sedan by finding a one or two-year-old model, given that it has low miles and comes with a factory warranty. You may also get lucky to get your hands on a fully loaded model at less price than the expensive new base model.
- Drive better cars in an affordable way
Many car brands develop high-end vehicles that are a class apart in luxury and comfort compared to the regular lineup of cars. Many car owners buy luxury cars and take optimal care of them, and you may even find low miles on a luxury car that is 4 or 5 years old.
- Easy to finance a used car
One of the best advantages you can get for buying a used car is ‘easy financing’ and credit approval. Getting the credit approved or leasing a car is not easy as it seems. Some car dealerships have stringent rules when it comes to giving a car loan.
It is also possible that you may have to pay a slightly higher interest rate on a used car. But as used cars are quite cheaper, the chances are that your credit application will be approved. There are also numerous banks and lending companies that can help you get the best loan term with a low interest rate to pay.
It is a general rule that the quality of a product is known by its durability, sustainability, and functionality in the long run. When it comes to cars, only after owning and driving a car for a few years, you get to know what the car is worth.
Many of the cars start to show signs of wear and tear, and you may even be quick to judge a flaw before it shows. On the contrary, you expect a new car to be without any quirks as the cars have not spent much time on the roads. You may not even expect a new car to have an issue within the first months.
But we have all seen that many reputable car manufacturers also recall branding new models due to slight glitches. With a used car, even its one-year-old, you know that it has been on the road, and you can expect the problems that may come by owning and driving it.
We live in digital times where you may get loads of information in the form of reviews about particular cars, which may help you to make a buying decision. The best-used car will attract a low maintenance cost, fuel efficiency, and a pleasurable driving experience.