In today’s economy, purchasing a used car makes perfect economic sense. In fact, since so many people are holding onto their cars for longer periods of time that used cars have actually increased in value. This is due, in part, to the fact that fewer used vehicles are coming on the market. Thanks to better engineering, it is possible for almost any modern car to last for nearly 300,000 kilometres, if properly maintained. The average age of the car on the road today is slightly more than 11 years.
The most obvious advantage when purchasing a used car is the smaller down payment required. In many cases, if the buyer has budgeted wisely, he is able to buy his car outright for cash. Even if the individual is not able to eliminate his monthly payment altogether, he will have a payment that is a great deal lower by purchasing used. With job insecurity at an all-time high, lowering monthly expenses is a prudent measure that provides a safety net. In addition to the smaller down payment, you save on taxes and fees that are associated with purchasing new.
The cost of insuring a used vehicle is usually considerably less, especially if you decide to eliminate comprehensive and collision coverage. Another advantage to buying a used car is that most of that kinks or hiccups will have been worked out. The previous owner will likely have taking care of any problems that were on the scene at the factory. This makes your car more reliable. Even though you are likely to love your used car, you are less likely to be stressed about keeping it looking brand-new and scratch free. It is also likely to be less of a target for theft. When it comes time to sell or trade in your use vehicle, you may find that it hasn’t lost much in value. That is because the steepest depreciation usually comes within the first six months of a car’s life. So you are likely to find that your used car holds its value very well, if you have chosen well.
If you are looking at used cars, please pay us a visit. We have many quality used vehicles in stock and will be happy to help you select a car that fits your budget and that you will love.