Is it time for you to buy a car? Are you stuck weighing the pros and cons of investing in a new car or looking at used models? Here are some facts to help you see the benefit of buying a car that is a few years older as opposed to the brand new models. Who says you have to sacrifice style to get a reasonable deal when buying a car?
Save Your Money
There’s no denying that forgoing the urge to have the newest model of car saves you lots of money. That does not mean you have to get an old car to see the savings; even cars that are one or two years older than the newest models can be purchased at a discount of between 20% and 30% compared to new cars. When buying a new car, what you are paying a premium for is status, style, and trends as opposed to functionality. Visiting your local used car dealers can help you get the best of both worlds with many newer models on the lot for you to test drive and choose between.
Did you know that when buying a new car, you lose 11% of its value the moment it is driven off the lot? The first few years take the highest toll on its value. In fact, within the first two years of driving a car’s value depreciates by between 20% and 30%. For subsequent years, the depreciation rate continues to decrease. So, if you buy a car from a used car dealership that is a few years old, you will get more of a return on your investment when it comes time to upgrade.
Convenient Options from Used Car Dealers
Used car dealers often offer lucrative options to help you receive easy financing when buying a new vehicle. Options like buy here pay here financing help people get great cars even for people who don’t have phenomenal credit by using the car dealership’s own financing options. Using buy here pay here not only allows you to get financing on purchasing a vehicle, it also gives you the opportunity to improve your credit score by making consistent payments. Often, buy here pay here dealerships are more attuned to vehicle quality and offer an array of flexible trade-in options even for older models that may not be accepted at other auto dealerships.
Each year, an estimated 16 million cars are sold. If you are among the millions of people looking to purchase a vehicle, the practicality of buying a used car speaks for itself. With all this in mind, it’s no wonder that people buy more than three times as many used cars as new cars. If you have any questions or comments about buying used cars, feel free to share your thoughts.