Vehicles are essential to everyday life. They are so common in the United States that almost every family has at least one car.
As more and more people start their own families or maybe their careers, the demand for vehicles goes up. Along with this, the prices of cars also begin to increase. It’s no wonder many people are now looking into buying used vehicles instead of new ones.
There are many reasons why you should buy a used vehicle over a new one, such as:
Used Vehicles are More Affordable
The biggest reason why people choose to buy used vehicles is that they’re more affordable than new ones. The average price of a new car is around $47,000, while the average cost of a used car is approximately $19,000. This means that you can save almost 50% by choosing to buy a used vehicle. But, of course, this doesn’t consider the possible discounts you can get from it.
People can save a considerable amount of money from buying a used vehicle. Moreover, it’s even greater if you buy it under a loan.
Buying a used vehicle can also negate the enormous expenses of depreciation. It’s essential for SUVs.
SUVs are prime purchases for families, but they lose around 20% to 40% of their value in the first two years. This means a new SUV worth $47,000 can go down to $28,200 in two years. Meanwhile, a reliable used SUV doesn’t have as steep depreciation rates. This means that you’re practically through the expensive part of buying an SUV, which is always good for you and your family’s wallet.
A used vehicle also offers more budget-friendly insurance rates. It’s because the value of a used car is lower than that of a new one. Thus, you won’t have to spend as much on insurance premiums.
All of these can purchase a used vehicle more attractive to many new buyers.
It’s Environment Friendly
When you buy a used vehicle, you’re not contributing to the pollution caused by manufacturing new cars. Instead, creating a new vehicle emits many greenhouse gases and other toxic chemicals into the environment. These harmful pollutants contribute to climate change, water, and air pollution.
According to a study by the EPA, the average new car emits 4.6 metric tons of carbon dioxide yearly. However, this number goes down to 3.3 metric tons for a used car that’s three years old. That’s around 28% fewer emissions in just three years!
You Can Get More Car for Your Money
A used vehicle will cost less than a new one with the same make, model, and features. You can get a higher trim level or a more luxurious car because it will still be cheaper than buying a new one.
For example, a 2020 Toyota Camry LE starts at $25,000. Meanwhile, a 2019 Toyota Camry XLEwith similar features start at $23,000. That’s only a $2,000 difference for an entire year of car production!
You also have a wider variety of options when you buy used. New cars tend to have fewer color and trim choices in the first few years. This is to avoid overproduction and having too much-unsold inventory. Buying used gives you access to all the color and trim options available for that model, giving you a better chance of finding the perfect car.
There’s Less Pressure When Buying Used
The sales process is less pressured when buying used vehicles. Salespeople are more relaxed and not as focused on hitting their quotas.
This gives you more time to think about your decision and allows you to negotiate more easily. You can also take the car for a test drive without feeling rushed.
You Can Get a Car with Fewer Miles
Cars today are built to last longer than ever before. The average car lifespan is around 11 years or 150,000 miles, whichever comes first. This means that a used car only three or four years old can still have a lot of life.
You Can Get a Car with a Full Warranty
Some used cars still have the remainder of their manufacturer’s warranty. It means that you can enjoy free or discounted repairs for your vehicle. You can also get an extended warranty when you buy a used car to cover repairs after the manufacturer’s warranty expires.
There Are Fewer Financing Restrictions
When you finance a used car, there are fewer restrictions than when you finance a new one. In addition, lenders are more willing to invest in used vehicles because they have already depreciated. This means there’s less risk for the lender if the borrower defaults on the loan.
Buying used vehicles shouldn’t be your last option; it should be your first option. Knowing these reasons, you can confidently buy a used car without feeling buyer’s remorse. Instead, research and find the perfect used car for you and your family.