Few things are more exciting than shopping for a vehicle. That said, you may be wondering “should I buy a used car or a new one?” While buying a new car certainly has its appeal, it may also be an impulsive decision that doesn’t provide you with the best return on your investment.
Here’s why you should consider buying a used car rather than a new one.
Did you know that when you purchase a new vehicle it starts deprecating in value the second you drive it off the lot? What’s more, it goes up nearly another 10 percent after year one. Conversely, if you prudently select your next used car, you can probably drive it and sell it later without losing much equity, providing you with more bang for your buck.
You Pay Less in Insurance and Other Costs
Generally speaking, a new car has more blue book value, meaning insurance premiums are going to be higher. Sometimes, buyers forget about all the “other costs” associated with owning a new vehicle, and it can throw your budget amiss. By purchasing a used car, you’ll save on insurance costs, registration costs and other fees needed to get your car on the road.
Your Dream Car is Within Striking Distance
Perhaps you’ve always dreamed of a certain make and model at car. If you go out and purchase that vehicle when it first comes out, you have to pay a premium price and you purchase that vehicle at it’s highest value. But if you’re patient and buy it used a few years later, you can obtain your dream vehicle at much more economical rate.