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.
Used cars, on the other hand, cost a good amount less than new cars. That means the cost to insure them tends to be lower as well. Drivers looking to cut costs, avoid sticker shock, or trim their budget might find that a used car better meets their needs in the long term.
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.
What Sets Used Hondas ApartFor many consumers, buying used is a solid option during the car-shopping process. When you do so, though, how do you decide which brand to buy? Here, we look at some reasons why you should consider buying a used Honda model.
The Honda Fit was awarded in the subcompact segment, and the Accord received recognition in the midsize car segment. For the midsize utility third-row seating segment, the Honda Pilot was recognized, while the Odyssey took home the award for the minivan segment. These awards mean that the above models will continue to hold their value as they grow older – something that current used Honda models have also done.
You should also note that, when you purchase a brand-new car, it loses 30% of its value within the first year of its life. Purchasing a used Honda vehicle means your vehicle’s value will depreciate less than its new equivalent.
If you are looking to buy used, come check out our lineup of used Honda models at Russell Honda.
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