It pains me to write this, but a fact’s a fact. Most of the time, used cars are a better deal than new ones. You need some convincing?
Check out the Top 5 Reasons to Buy Used:
1. The Internet
Years ago, it was much more difficult to get the exact car you had in mind. New car dealerships offered value to their customers simply by having a wide selection right in front of them. But today, because of the the internet, private sellers and buyers have a much easier time finding each other. Sites like eBay.com, AutoTrader.com, Craigslist.com, and Cars.com all offer a marketplace for buyers and sellers to hook up. Plus, it’s so much easier to check up on used cars because of the internet. CARFAX lets you run the VIN number of any car you want to buy, so check its history and past insurance claims.
2. Immediate Depreciation
Cars depreciate every year, but the biggest drops come off in the first two to three years of it’s life. It’s assumed that a brand new car loses 30% of its value immediately after it leaves the lot. So a well treated two-year-old car will give you all the years of service a new car will, for thousands of dollars less.
3. Modern Reliability
Cars that have been built in the past 10 years are more reliable than ever before; they’re more dependable and they last longer. That means buying a used car from 2003 still has many long years left under its hood.
4. Bump Up A Bracket
So you can only afford a new Civic right? Well that just means you can afford a used BMW. When you buy used, you avoid the ‘brand new’ premium. What would you rather have: a brand new Hyundai Elantra, or a 4 year old BMW 325i?
5. Certified Pre-Owned
All carmakers offer a pre-owned “certification” program now. What that means is they take used cars that they get via trade in or however, they professionally inspect them, repair any damages, and sell them with a factory-backed warranty. You’ll pay a bit more than you would for just a regular old used car, but it’s still cheaper than a new one. It’s the way to go.