There are many people out there that will argue that buying a new car is the best thing for you. Each person has a different situation and there are times when we feel pressured to buy new in fear of getting “someone else’s problems” from buying a used car.
We have listed out some great reasons why buying a new-for-you car is a great option!
Price – There is no doubt that buying a new car is more expensive than buying a used one. Unless you are looking to lease a car, your initial cost can be quite hefty. Some financial institutions require a down payment of at least 10 percent on a new-car loan, but the more you add the better it is. We understand that buying a brand new car gives you that new car smell, but if you’re on a budget and want a great car, than buying used is definitely the way to go. You can get more bang for your buck with a used car! Since automakers don’t change their models every year like they used to, your friends will never know if it is new or used because it will look pretty much the same.
Depreciation – As many people know, the moment you drive your new car off the dealership lot the value drops over the first few years of owning it. When you buy a used car you don’t have that immediate depreciation when you drive it home. It also allows you to have less mental depreciation and lets you breathe easier when it gets its first parking-lot ding or chip in the paint.
Avoiding New Car Fees – While this one could be tied in under price, we wanted to keep it separate. As with insurance, the fee that states charge you to register your car is usually based on the price you paid for the car. Buying used lowers these fees along with your insurance costs. It’s no surprise that insurance companies usually base your rate off of the value of your vehicle. With a new car that is significantly higher than a used car. Buying a used car can even save you money on your insurance!
Variety – With buying a new car you can make it your own but buying a used can you can get a specific model or package that has been discontinued. This adds to a wider selection of vehicles for you to choose from but it will help you find the car of your dreams.
Technology – Nowadays shopping for a car is a different experience than it used to be. Consumers now how more information and resources than they know what to do with. You can check out KBB.com, CarFax and others to do some research. You can look at a specific make and model and even see a car’s history. You can also read other car-buyers experiences that have purchased the same vehicle that you’re looking into buying. This helps eliminate any qualms you may have with your purchase.
Certification Programs - There are numerous Certified Pre-Owned programs out there which originally started with luxury brands. Some benefits of CPO cars are that manufacturers usually consider only late-model used cars and trucks that have low mileage. These vehicles don’t have a history of major damage either. Each vehicle goes through a touch inspection process of both mechanical and cosmetic items before they are certified. Most CPO vehicles are covered by a warranty that extends beyond the original factory warranty. Some manufacturers offer financing on CPO vehicles to help you get a great car at a great price.