Why Buy Used
There are many reasons that drivers choose to buy a used car instead of a new model. There are quite a few factors involved, but one of the main reasons is to save money. Here are a handful of ways that used cars can be better than new models.
Side by side, a new car will almost always cost more than a used model. This is due to the depreciation that new cars experience as soon as they leave the lot under new ownership. Depreciation can reduce a car’s value by up to 40 percent.
Fortunately, used cars have already had at least one owner, meaning that they don’t experience depreciation. Used cars will retain their value for a longer period of time after they leave the lot under new ownership.
At the time of writing, interest rates are at a historic low, which means there’s not as much for you to pay to take out a loan on a used car. Many lenders are more willing to finance a used vehicle, as the loans for those vehicles are generally for lower amounts. As a result, those with not-so-good credit might find themselves driving a used car for less money.