Purchasing a car is one of the biggest financial decisions one takes in their life. With the average price of a new vehicle over $47,000, buying a new one is simply not feasible for the majority. However, there are numerous compelling reasons to consider a used car instead. From lower costs to more variety, buying used makes sense for savvy shoppers. Read on to learn why you should broaden your search to include used cars while searching for a new set of wheels for yourself.
Lower Cost
New cars depreciate once they leave their showrooms, with the average model losing 10% of its value within the first month. With a used vehicle, someone else has already absorbed that initial depreciation hit with a used vehicle. That means pre-owned models sell for a fraction of their original sticker price. In addition to a lower purchase price, insurance premiums, registration fees, and depreciation costs are all reduced for used vs new cars. Since the car’s value has depreciated significantly, you will pay less for full coverage insurance. Registration fees are based on the vehicle’s value, so those costs are lower too. And with less value to lose, depreciation is minimized as well.
Reduced Carbon Footprint
For environmentally conscious consumers, used cars represent a greener choice. Manufacturing a new vehicle requires substantial energy and raw materials. Best estimates indicate that producing a standard car generates over 15 tons of carbon emissions. When you buy a used car, you are recycling a car instead of needing an entirely new one built. It reduces manufacturing pollution and energy usage. It also keeps additional waste out of landfills. Pre-owned cars have a much smaller carbon footprint, making them an eco-friendly option.
More Options
The used car market opens up more possibilities than only looking at new ones. Once a car model is discontinued, finding a new version for sale can be difficult. With used vehicles, you can pick from models no longer in production. That includes certain body styles, configurations, and features that automakers no longer offer. Used cars also provide access to certified pre-owned luxury models. These provide upscale amenities at significant discounts versus new ones. Overall, buying used gives you more selection across body types, features, brands, and pricing categories.
Better Value
Used cars hold their value better than brand-new models. That’s because the initial depreciation hit has already occurred. Your used car will gradually lose value, holding its worth better over time. It also makes customization and upgrades a smarter investment. Since used cars have depreciated less from the start, any money you put into modifications or enhancements will return more equity for you when it comes time to sell or trade. Overall, used cars offer superior value from day one through the life of your ownership.
Easier Financing
Qualifying for financing is much easier with used vs new cars. Lenders view pre-owned vehicles as lower-risk, so they offer better terms. Used car buyers need lower credit scores and income levels to get approved. Down payment requirements are smaller too. Even buyers with minimal savings can often get financing for a used vehicle purchase. Interest rates are generally lower as well. Moreover, used car loans are structured with longer terms than new purchase financing. That further reduces the monthly payment. Altogether, getting a car loan for a used vehicle is faster, easier, and more affordable.
Reliability
There is a misconception that used cars are inherently less reliable than new ones. While that may have been true in the past, vehicles made within the last decade are impressively sturdy and dependable. Manufacturing quality, durability testing, and mechanical longevity have all improved greatly. It is common for contemporary vehicles to retain their reliability for a decade or more when properly maintained. Furthermore, you can pull a used car’s full vehicle history report to check for any issues or red flags. Extended warranties are also available to mitigate repair risks on pre-owned models. When shopping smartly, used cars can be as reliable as brand new.
Local Impact
Purchasing from used car dealerships keeps money in the local economy. For example, if you live in South Dakota, consider shopping for used cars in Spearfish SD, as it supports small business owners in the community. It also provides inventory for local mechanics to service. It strengthens the fabric of local services. Additionally, buying locally saves customers the time and potential hazards of purchasing remotely sight unseen. Test driving, inspecting, and picking up your used car locally is reassuring. It supports hometown dealerships and sourcing vehicles close to making good sense at home.
Conclusion
With lower costs, more selection, reduced environmental impact, and easier financing, used cars best their brand-new counterparts. For savvy shoppers, pre-owned vehicles offer everything needed in a ride at substantial savings versus new. While buying used does require more research and inspection, the benefits outweigh the modest additional effort.
For most drivers, purchasing a reliable used car is the smarter move. So whether looking for an economical commuter or affordable family hauler, consumers should seriously consider quality pre-owned models. Used cars deliver excellent value and convenience to meet every need.
