For most of us, owning a car is a necessary part of life. We need it to get groceries, to get to work, our kids to school and, perhaps, the family to church. And while having that brand new shiny vehicle with that fresh new-car smell parked in our driveway, the depreciation of the value from the time it leases the auto dealership to your home will make you nauseous. This is why buying used cars are a great option when it is time to purchase a vehicle.
There are few cars made that do not lose value as soon as they are sold. Unless it is a limited edition or a car in high demand, cars will lose 20 % to 30% or more of their value as soon as you leave the showroom floor with it. If you can at all resist the temptation, stay away from that purchasing that new car.
Another reason why buying used cars are a great option has to do with for whom you are buying the car. If you are buying a car for your teenage son or daughter, it is better to buy them a used car so that insurance will be less and repairs may not cost as much should there be damage to it. Since it is a used car, you hopefully won’t be as upset when comes home with the large dent in the front bumper because he still can’t seem to get parallel parking.
Poor credit or a bankruptcy is a third reason why buying used cars is a great option. Sometimes, your credit may be too low to secure financing to purchase or lease a new vehicle. Or, if you have challenged credit, the interest rate is too steep to make buying that new car sensible. There are lots of great used cars on the market that have all ready seen the majority of their depreciation occur. As a general rule, if you don’t want to hassle with too much maintenance or costly repairs, find a used car worth more than $10,000. Owning a vehicle that is three to five years old with kilometres in the low one-hundred thousand’s and priced between $10,000 to $30,000 is your best bet to keep you and your family safe and on the road and is why buying used cars are a great option.