Buying new or used is a decision that many motorists struggle with. There are certainly appealing factors for buying a brand new car, but you will find that usually, it makes a lot more sense to buy a used car. There are many perks to buying used instead of new, especially financial perks which are key in a time when the cost of living is taking its toll on many. This post will outline the key benefits of buying a used car that will hopefully help you to make the right decision and find a car that suits your needs and is within your budget.
They Cost Less
The most obvious advantage of buying a used car is that they cost a lot less. New cars are appealing, but you pay for being the first owner, and the cost of new cars is particularly high right now, with the global chip shortage creating supply issues. When you buy used, you will pay a lot less and can still get a finance deal to manage the cost if you buy from a reputable dealership.
You Can Get More For Your Money
Leading on from this, you will find that you can get more for your money. Many people want to drive desirable brands like Audi, which is a lot more realistic when you buy a used car as they will be much cheaper in the second-hand market compared to buying new. You should be able to find a Plymouth Audi used car dealership that will have a range of Audis to choose from at affordable prices compared to buying a new one where the same amount of money would not go very far.
New cars can lose over 50% of their value in just three years. From an investment standpoint, this makes new cars a terrible financial investment. The rate of depreciation tails off after three years, which means that you can avoid the biggest depreciation hit when you purchase a used car and lose less money when/if you decide to sell.
The used car market is enormous, and this means that it should not be too difficult to find a car that ticks all the boxes and is within your budget. The internet has also made it much easier to find a used car, but just make sure that you stay safe and educate yourself on used car scams.
Cheaper To Insurance
Another financial benefit is that used cars are usually cheaper to insure than a new car. This is because they are less valuable than a new car, so they cost less to replace/repair. This also means that many people feel more confident behind the wheel of a used car than a new car.
As you can see, it makes a lot more sense to buy a used car instead of a new one, especially from a financial standpoint. Hopefully, this post will be informative and help you to make the right decision.