5 Financial Reasons to Buy a Used Car

So you’re ready to make the next step and finally purchase that car you’ve always wanted. While, sure, there might be something special in the purchase of a brand, spanking new car, but in reality, it’s going to get dusty, you’re going to get used to driving it and you’re going to spend a whole lot more money on it than you would if you’d purchased a pre-owned vehicle. Here are some of the best financial reasons for purchasing a used vehicle.

1. The Economy

Need we say more? It’s not a secret that our economy has been going through a bit of a rough patch lately. In the current state of economic affairs, there’s no reason to make a purchase that’s going to depreciate tremendously in value like a new car will do. New cars are practically cash -sucking money pits and any financial professional will tell you that they’re one of the worst purchases anyone can make. Sure, you might get some extra bells and whistles but you’ll be paying for it in the long haul.

2. Saving As A Consumer

In the grand scheme of things, purchasing a used vehicle simply makes more sense. You’re going to save thousands of dollars right off the bat. Not to mention, if they’ve been properly maintained, have a solid background history and come highly rated, the yearly renewal tax isn’t nearly as high. Plus, purchasing a less expensive car in the beginning will lead to lower interest rates, which is yet another way for you to save!

3. Affordability In The Long Run

Buying a pre-owned car, you’re going to be starting out owing less because you’re purchasing a less expensive vehicle. In return, you’ll be able to pay the loan off faster and outright buy the car. Once you’ve purchased the vehicle outright, you aren’t required to have comprehensive coverage, just liability, which is less expensive.

4. Fitting Your Budget

If you’re goal is to save money, you’re probably on a budget. Don’t worry! That’s a good thing when it comes to purchasing a used car. Used cars typically fall into a broader range of prices for those budget conscience folks, giving you a bigger selection and an improved chance at finding the perfect car for you.

5. Maintenance Upkeep Really Isn’t An Issue

Being smart with your purchase is key. Do your research on the type of car you’re interested in. Most cars these days are built to put on miles. Not just a few, but more like 100,000. If you purchase from a manufacturer dealership, you’re likely going to be offered some kind of warranty that will ultimately save you in the long run.
Despite whether your budget is big or small, buying a used vehicle is going to be the better deal overall. It’s almost impossible to make excuses for the large depreciation in the value of a new car, when you can find a pre-owned car that’s in excellent shape for a great deal less money. With used cars, be patient. It may take you a little longer to find that perfect one, but we’re confident it’s out there waiting for you and when you find it, your bank account and wallet will be sure glad that you did!.

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