2. Less Depreciation
1. Upgraded Features
You always hear that your new car uses value when you drive it off of the lot — and that isn’t too far from the truth. New cars depreciate quickly, losing up to 47 percent of their value in the first three years, according to Consumer Reports. When you buy used, you purchase the car at a substantially lower price after that depreciation has occurred.
Buying a used car might allow you to purchase a vehicle with more upgraded features. Because the price of the used car is lower, you might find a vehicle with a sunroof, spoiler or leather seats — features that you might not be able to afford in a new car. As a result, you might get a nicer — albeit older — can if you buy used.
3. Lower Interest Rates
If you plan to finance your used car purchase, you might enjoy a lower interest rate. Typically, used cars come with a lower interest rate than new cars. Even if that difference is just half a percentage point, you’ll enjoy some monthly savings on your car payment.
4. More Choices
Buying used expands your options and allows you to purchase a car you might not be able to afford to buy new. As a result, you can expand your car search to more makes and models, which help you, find the car that is right for you and right for your budget.
5. Certified Purchase
If you shop around, you can find a used car certification program. Buying a newer (under 3 years old) used car that participates in this program means that the car has been thoroughly inspected for issues. So, you can confidently purchase this vehicle, knowing that it passed a series of inspections and is in good shape. As a result, you will enjoy the peace of mind knowing that your used car is reliable and safe.