5 Reasons for Purchasing a Used Vehicle
New or used – what to do?! It’s an age-old conundrum we all find ourselves considering. Uncle Bob swears he’s never buying a new car while Uncle Ed flips out of one new vehicle to the next. I’m not here to tell you what’s right for you however I am going to give you some food for thought.
- MINIMIZING DEPRECIATION
New cars will typically depreciate between 25-30% in their first year and 20-25% in year two. Purchasing a 2 or 3 year old vehicle allows you to avoid that big hit in depreciation on your vehicle.
- REDUCE INSURANCE COSTS
Because a used vehicle has a lower sale price than a new model your insurance costs tend to be less. Every litte bit counts when it comes to budget!
- MORE BANG FOR YOUR BUCK
Bells and whistles are expensive – especially on new vehicles. Buying a used car allows you to entertain an upgraded vehicle where the newer version may have been financially out of reach. Items such as leather, sunroof, GPS navigation all of a sudden become more attainable with used vehicles.
- KEEPING YOUR PEACE OF MND
Companies such as Carfax and CarProof minimize the risk of buying someone else’s problems. They provide detailed reports regarding your vehicle’s history – information that can provide that peace of mind. Vehicles today are built to last a lot longer than automobiles manufactured in the 50’s and 60’s.
- SAVING MONEY
Bottom line, purchasing a 2 or 3 year old vehicle allows families to stay within their budget while still acquiring a quality vehicle that is safe and reliable.
James Morgan, NewRoads Financial