BEYOND NEW: WHY BUYING A USED VEHICLE MAKES SENSE
Some have concerns with buying a used vehicle over new ones, but there are several reasons why used could be the better option for you. Review the advantages below before deciding on if new or used is right for you.
Advantages of buying a used vehicle include:
- Cost savings: Used vehicles are generally cheaper than new vehicles, making them a more affordable option for many people. New vehicles tend to depreciate quickly in the first few years, so buying a used vehicle can allow you to get a similar make and model at a lower price.
- Lower insurance costs: Insurance premiums for used vehicles are often lower than those for new vehicles. Since used vehicles have already depreciated in value, insurance companies typically charge lower premiums for coverage, which can save you money in the long run.
- Reduced depreciation: new vehicles can lose a significant amount of value in the first few years due to depreciation. When you buy a used vehicle, you avoid the steep depreciation that occurs with new cars, which means your vehicle may retain its value better over time.
- More affordable financing options: Financing a used vehicle may come with more favorable terms than financing a new vehicle. Interest rates and monthly payments on used vehicles may be lower, making them more manageable for your budget.
- Wider selection: Buying used opens a wider range of makes, models, and years to choose from. You may have more options in terms of features, mileage, and condition, allowing you to find a vehicle that fits your specific needs and preferences.
- Reliability: Many used vehicles are still in good condition and can provide reliable transportation for years to come. Modern vehicles are built to last longer, so a well-maintained used vehicle can still offer reliable performance at a lower price point.
- Avoiding initial depreciation: new vehicles typically experience the steepest depreciation in the first few years of ownership. By buying used, you let someone else absorb that initial depreciation, and you may be able to sell the vehicle later with less loss in value if you decide to upgrade.
- Historical data: When buying a used vehicle, you can research its history, including maintenance records, accident reports, and other important information. This allows you to make an informed decision about the vehicle’s condition and reliability before making a purchase.
Buying a used vehicle can offer cost savings, lower insurance costs, reduced depreciation, more affordable financing options, wider selection, reliability, and access to historical data, making it a compelling option for many car buyers. Take a look at our wide selection of used vehicles here at Diehl of Moon!