The Often Understated Benefits of Buying a Used Car

The Often Understated Benefits of Buying a Used Car

Buying a new car is always nice. There’s nothing quite like climbing behind the wheel of one and getting a whiff of that legendary new car smell.

But there is also absolutely nothing wrong with buying a used car. In fact, you could make the argument that buying a used car is a much better option than buying a new one for a whole bunch of reasons. It’s why there are more than 40 million used cars sold each year.

If you’re in the market for a vehicle right now, you should seriously consider buying a used car versus buying a new one. It won’t take you long at all to see why it’s such a great option for so many people.

Here are some of the biggest benefits of buying a used car when it comes to vehicle ownership.

Used Cars Cost Less Than New Ones

Buying a new car costs a lot of money these days. The average new car costs right around $41,000.

This is, unfortunately, a lot more than most people can afford to pay. It’s arguably the No. 1 reason why buying a used car is such a great idea.

Used car prices have spiked up over the $25,000 mark in recent months because of a used car shortage caused by the COVID-19 pandemic. But under normal circumstances, you can secure a used car for under $20,000 in most cases. And it’s not all that out of the ordinary for people to find used cars that are still in decent shape for under $10,000 in many instances.

You might be able to save yourself a nice chunk of change by taking out one of the various types of auto loans available through an auto financing company to purchase a used car rather than a new one.

Used Cars Don’t Depreciate as Much as New Ones

Even though new cars cost more than $40,000 on average these days, you aren’t going to be able to get anywhere close to that if you attempt to sell a new car shortly after buying it. That’s because all new cars depreciate dramatically as soon as you buy them.

A new car is going to see its value drop between 15 to 25% each year during the first five years that’s it out on the road. As a result, you’re usually going to be left with a car that isn’t worth what you still owe on it at any point over the course of those first five years.

This is an issue that you won’t have to worry about dealing with when buying a used car. Most used cars won’t depreciate much at all when you first buy them. This will put you in a position to sell a used car for right around what you paid for it if you don’t decide to keep it for very long.

Used Cars Are Cheaper to Insure Than New Ones

Even though a new car might not be worth as much as you might like from the moment that you drive it off a dealer’s lot, it’s still going to cost an insurance company a pretty penny to repair or replace it if you’re ever involved in a car accident. Because of this, it’s going to cost you a whole lot of money to insure a new car.

It’s also going to cost you some money to insure a used car. But you’ll find that your insurance premiums will be so much cheaper than they would be otherwise when you drive a used car versus a new one.

That means that you’ll make lower car payments and lower car insurance payments when you have a used car. You’ll literally be putting extra money in your pocket each and every month thanks to your used car.

Used Cars Have Fewer Kinks to Work Out Than New Ones

Every year, many car manufacturers are forced to issue recalls on different types of cars. The automotive industry has to stay on top of these recalls to ensure that people aren’t driving around in cars that might not be as safe as they should be.

As part of car ownership, it’s important for you to keep a close eye on any recalls that are put out for your specific car. You’ll need to make it a point to bring your car in for service any time a recall is issued.

But the good news for used car owners is that they’re typically not forced to face as many recalls. By the time you buy a used car, an auto manufacturer will usually have worked out all the kinks with the car.

The same can’t always be said for new cars. Since those with new cars will be the first owners of them, they’ll be the ones who are in charge of bringing them in for service as recalls are put out.

Used Cars Can Last Just as Long as New Ones

For a long time, people bought new cars as opposed to used ones because they worried about used ones conking out on them shortly after buying them. But nowadays, you don’t really have to worry too much about buying a used car and having to replace it anytime soon.

Obviously, a used car with 150,000 miles on it isn’t going to last as long as a new one with 150 miles on it. But because modern-day cars are lasting for well over 200,000 miles in a lot of cases, you might be able to keep a used car for just as long as you would want to keep a new one before trading it in.

You shouldn’t be scared off by a used car just because it has a few miles on it. Even if a used car’s mileage seems like it might be on the higher side, it could still prove to be a great investment.

Used Cars Have More Aftermarket Options Than New Ones

In a perfect world, you wouldn’t have to be concerned about having to make repairs to new or used cars. But you will, of course, need to be prepared to repair a car at any time, regardless of whether it’s brand-new or used beyond belief.

On average, you’re going to have to pay somewhere between $500 and $600 for most car repairs. But those with used cars might be able to have their repairs done for a little bit less than those with new ones.

This is because there are often many aftermarket parts available for used cars. These aftermarket parts tend to cost just a fraction of what OEM parts do.

These aftermarket parts aren’t always an option for those with newer cars. Since the cars are new, the companies that manufacture aftermarket parts sometimes haven’t gotten around to producing parts for them just yet. It can put new car owners in a position where they have no choice but to pay premium prices for OEM parts.

Used Cars Have More Reviews Than New Ones

Prior to buying a new car or a used car, you should always attempt to read as many reviews for it as you can. It’s going to be much easier to do this when buying a used car versus a new one.

New cars don’t usually have many reviews yet. Because they’re so new, people haven’t had the opportunity to drive them around a lot and offer up opinions on them.

The opposite is true for used cars. Because they’ve been around for at least a few years in most cases, people have had time to test drive them and share their opinions. It’ll provide you with a wealth of reviews when you go to read them.

This is just one more example of why buying a used car is a better option than buying a new one. You should make sure that you check out the latest used car inventory before discounting the idea of buying a used car for yourself.

Interested in Buying a Used Car? Start Shopping for One Today

Now that you know about all the benefits of buying a used car, doesn’t it sound like a much better idea than it may have before? You’ll be able to start enjoying these benefits from the second that you begin driving a used car around.

Used cars have been hard to come by because of the COVID-19 pandemic over the last year or so. But the used car inventory in this country is trending back in the right direction, which is why you should definitely give buying a used car a chance if you need a car right now.

Get more great car buying tips and tricks by browsing through the other auto-related articles found on our blog.