3 Big Benefits of Buying A Used Vehicle Over New
Should I buy used or new?
It’s a question I get a lot, and for good reason.
The decision to buy new or used can set the stage for the next 3-5 years of vehicle ownership.
These three factors are the most critical benefits of buying a used vehicle over new.
Read each one closely and decide which is the right choice for your specific situation.
Let someone else pay for the depreciation
When you buy a new vehicle it starts depreciating the second it leaves the lot.
And the reason is simple, once someone buys it it’s not “new” anymore. The market value drops the second it becomes a used car.
Then, when new car buyer drives the vehicle for a few years the depreciation levels out.
The savings from letting the first owner take the depreciation hit is where the biggest opportunity to save money really exists for used car buyers.
That’s why low-mile used cars in good condition are often a bargain.
New technology without the price tag
When you buy a late-model used vehicle you get the best of both worlds.
1. Up-to-date technology with the ability to sync your phone, voice text, xm radio, and more.
You also get the top safety features and engine technology that’s designed to get more power with keeping great fuel economy.
2. Deep discounts over similar make and models of new vehicles.
For many people the technology in a used vehicle is a major upgrade over what they’re driving now and it’s by far the best “value” to buy the used over new.
Lower monthly payments
The savings you get from buying a used vehicle over means a lower monthly payment for you.
In most cases low-mile used vehicles can still be financed at low rates and extended over many months in order to keep the monthly payment low.
Your monthly payment is affected by many things:
- The more your down payment, the lower your monthly payment
- The higher the difference between what your car is worth and what your payoff is
- Credit history, number of outstanding loans, and income all affect the interest rate
These factors combined the price of the used vehicle all work together to lower or raise your monthly payment.
To get an estimate of what your monthly payment will be use this quick reference guide.
Here’s what to do next.
Is new or used the right fit for you?
We’re here to help you find out.
Click here to find out your best option to upgrade from what you’re driving now to a new or used vehicle.