The choice between buying a brand-new car, or one pre-owned by someone else, is one of those hard choices you all need to make. Getting a new car may be exciting because, let’s face it, it is brand new, and you will be the one to break it in.
The downside of it is that it loses value as soon as you drive it off the lot. Some cars lose a substantial amount of value. You can purchase a slightly used car and get all the benefits of owning a newer car without seeing the value drop before your eyes.
Let’s look at some of the main reasons you should prefer a used car, other than the one discussed already, and maybe it will give you some ideas for benefits that only pertain to you.
- Purchase Price – Since the main chunk of the depreciation has already occurred, the sticker price will be less, even if it is only a couple of months old. Many of the cars being leased, or rented out, will be put up for sale a year after they were bought, which allows you to buy a vehicle that is like new without having to pay the new price.
- Insurance And Registration Costs – Another cost that can be less is the registration and insurance charges. Unless you buy a classic performance car, a used version of the vehicle of your dreams will be much less to insure, and the yearly or permanent tags will not be as high.
- Overall Cost – When you finance a used car, your loan will not usually be more than the car’s value. When you take out a loan to pay for a new car, the cost and interest rates will be more than that car’s current bluebook value. This makes the used car a much better financial choice.
- Choice Of Vehicle – When you buy a new vehicle, you can special order it to any color and design that you want, but you will always be stuck with the new model and new technology. Buying something that is preowned, such as a used Corolla, gives you the option to take your time and find the one you want. One that has good working electronics and technology, and a model that may no longer be in production.
- Complaints – A used car will have numerous owner reviews that you can go through to see if the vehicle you are considering has any significant problems. If you buy new, the only sources you can draw from will be the ones posted by the car maker producing the new car. You will know exactly what to expect when you buy a used car because other consumers like you have taken the time to offer real-time reviews, not just ones designed to sell the vehicle.
In today’s market, the best way to buy a car is to go with a used one. Even when the computer chips and components are once again available for the manufacturers, it will take years for the industry to catch back up with the demand.
The great thing about buying used is that the vehicle is already built and drivable, so there is never a need to put a lump sum of money down on a car just to be told that you will have to wait for the production parts to be delivered. In the meantime, the company will hold on to your deposit to ensure that your car is held in place.
Used cars can be the absolute best way around all the hassles of buying new. Since they have already been broken in, you will know what you are getting, and you will never have to wait for them to be produced while they sit on a chunk of your money.