There are a lot of decisions to be made during the car-buying process, but one of the biggest ones is whether you should purchase a brand-new or a used vehicle. Here, we look at why you should consider buying a used vehicle.
They Hold Their Value
When you purchase a brand-new car, the value of this car will automatically drop 20 percent as soon as you drive it off the dealer’s lot. In fact, the value of many new cars will drop 30 percent within the first year. This isn’t the case when you purchase a used vehicle. While a used car’s value will decrease over the course of ownership, it won’t do so in such a dramatic fashion. Instead, it will lose its value much more slowly, which means you can get more if you choose to sell it down the road.
More Bang for Your Buck
Used vehicles tend to be less expensive than their new-car equivalents. That means you can buy a nicer car than you might be able to afford otherwise. Whether this means going up an entire trim level to get the leather upholstery you want or purchasing a larger vehicle, the decision is up to you. Just keep in mind that the price of a used car is based on its mileage and condition, so make sure your vehicle is still in good working order even if you’re getting all the features you want.
Spend Less Money
Even if you do get all the bells and whistles you want in a used vehicle, you’re likely to spend less than you would if you got the same trim on a brand-new car. Not only will the price tag be lower, but it will also cost less when you purchase automotive insurance and when you pay sales tax. This is one of the biggest advantages of purchasing used over buying a new car.