If you're in the market for a new vehicle but want to save as much money as possible, consider buying used. Used cars often get a bad rap, but the truth is that they can be a great investment. When you shop smart, you can find a used car for a fraction of the price of a newer model, but still get the same new-car quality. If you're not completely sold on buying a used car, consider these advantages of doing so:
Big Savings
The biggest perk to buying used as opposed to new is the price. Cars depreciate the moment they drive off the lot, and by the time they're two to three years old, they've depreciated as much as 45 to 55 percent. This means that any used car you look at that is older than two years old will be selling for at least half of what a newer model goes for. This means that you can save 10, 20 or even 30 thousand on a quality vehicle.
Favorable Financing
Though many people who buy used vehicles do so in order to eliminate the car payment, financing is still an option with used cars. If you choose to finance your used vehicle, you are likely to get much more favorable terms and rates than if you were to finance a new car. Better yet, your monthly payments are likely to be half of what those of a new car would be, and the repayment term much shorter.
Reliability
When you buy a used car from a dealership, it's bound to be just as reliable as that new model one lot over. This is because used car dealerships hire experienced maintenance technicians who bring the vehicles to like new condition before putting them on the lot.
There are several advantages to buy a used vehicle, the biggest of which are huge savings, favorable financing options and reliability. If those benefits sound good to you, start shopping today!
