Every driver knows a new car is expensive but getting a new ride doesn’t have to break the bank. If you’re in the market for a new car, odds are you can find a car you like even more on a used lot. While buying a brand new car is nice, the benefits of buying a used car are nothing to scoff at.
When it comes to new cars, they’re only worth their brand new price while they’re on the lot. Once they hit pavement under new ownership, they experience depreciation. Considering that can be as much as 40% as the car’s value, it’s important to note that a used car doesn’t experience depreciation. As it’s already gone through depreciation the first time it was driven off the lot, it’s worth exactly what you paid.
Used cars obviously cost less than their new counterparts but did you know a used car is cheaper to insure as well? Since the age of the vehicle plays a factor in your insurance rate, buying a used car could help you stay within your monthly budget.
New cars are limited to a specific selection for a small window of time. Once the new model rolls out, last year’s model are no longer the best on the market. When buying a used car, the entire history of the automotive industry is at your disposal. Buying a specific model with a specific package from a specific year is entirely plausible, provided it’s within your budget.