For many, having their own vehicle is a necessity. According to Pew Research Center, 86% of Americans think so. And it’s easy to see why. If you have your own car, you have the freedom to hit the road whenever you want to. It’s also convenient. For example, when you have to buy groceries, you don’t have to carry all your bags during a long commute. You can just put everything in the trunk and head home.
And during a pandemic where physical distancing is a must, having a car is becoming even more necessary. You don’t have to commute and be near strangers, so you lower your risk.
As a result, the demand for cars rose. Used car sales increased. There was also a shortage of new cars because the pandemic put a halt on the manufacturing and supply chain in the industry. The decrease in interest rates further enticed the public to buy vehicles.
You have two options when you buy a car: get a new one or buy used. You can get the best deal if you buy a used car.
You Save Money
The most obvious benefit of buying used is saving money. New cars have become more expensive in the past year. In December 2020, the average price of a new vehicle was $40,573. If you buy used, you’ll only have to shell out up to half of that price.
You can save the money you save for later. For instance, you might consider getting another vehicle, perhaps for a family member. You can also use the money to get good-quality car insurance. Or, if you want to keep your newly acquired car in tip-top shape, then you can use some of the money you saved to get regular auto detailing.
You Avoid Depreciation
One report found that the average American will change their vehicle every six years. In that period, the new car will have had its biggest depreciation, considering that only after the first year after purchase, the new car’s price will have depreciated by around 2 to 30 percent. The huge depreciation rates often occur in the first three years of a vehicle.
This means that you don’t lose a lot of money when you buy a used car that’s a few years old. And if you take care of it properly, you might even be able to resell it at the same price you got it.
You Can Buy Worry-Free
One of the reasons why most people don’t want to buy a used car is its overall health. Some worry that they might get a car with a bad record in terms of damage and repair. Or the car might have hidden issues that they can’t notice at first glance.
These worries can be addressed if you look for certified pre-owned cars or CPOs. These cars go through a multi-process quality inspection before they receive certification. Due to this process, you should expect CPOs to be a little pricier than when you buy secondhand from a private individual.
Still, the extra fee is worth it since you’ll be getting a dealership-approved refurbished vehicle. Also, a CPO often comes with a warranty that is separate from its original warranty. With these added benefits, you can buy a used car with confidence.
You Experience Less Stress
If you buy a new car, you might get a little stressed about damaging it each time you go out. The stress is lessened if you go for a used car. Since it’s already used for a few years, you know that it’s gone through some tough times. So getting tiny scratches on it won’t be as big a deal as a new car.
You Help the Environment
Arguably, using your own vehicle is already one way for you to increase your carbon footprint. But if we look specifically at buying a used car versus a new car, the former is much more beneficial to the environment than the latter.
Most of the new cars on the market are considered hybrids. And while they have lower emissions and better mileage, their parts are not as eco-friendly as non-hybrids. Also, the shipment of new cars from the country of origin to the destination country produces huge greenhouse emissions. So buying something already in your area is much better for the environment.
Buying a car is a huge financial decision. And if you want to save as much money as you can, you need to consider getting a used car instead of brand new.