For some people, there is a stigma around buying used car. Consumers are afraid of what they don’t know about a vehicle's history. And for other, buying used seemed so… cheap.Well, it is! And the money you can save going the used route is really worth it in many cases. Combine that with a few tricks of the trade that will help remove some of the mystery from the used car you’re eying, and buying used becomes a very viable option.
Save Money - There are actually three things total about buying used that save you money. The first is the cost of the actually vehicle itself. Did you know that just by driving off the dealership lot, a brand-new vehicle loses 20% of its value? A person could own a new car for one day and if they went to sell it would be out 20%. The value generally drops another 10% in the first year, which means if you buy a one- to three-year-old used car, you’re saving 30% on the original price tag. That’s not a negligible amount.
Lower Insurance - This brings us to the next two money-savers that come from buying used. With every new car, you need insurance and you need to register. Insurance and registration fees are directly related to the cost of the car, which means if your first payment is lower, so too will be the next things on the list.
Great Condition - For those still not convinced because of the apparent gamble that comes with buying used, rest assured. Vehicle history report companies like Carfax Autocheck will use a vehicle identification number (VIN) to look up a detailed history of the vehicle’s maintenance, where it’s been, who owned it, etc. On top of that, sources like Kelley Blue Book can help you figure out the agreed-upon value of certain make, models, and model years so you know you’re not being cheated. If you keep these things in mind, and put in a little research before the purchase, buying used can definitely be the way to go!