Purchasing a vehicle is one of the most important financial decisions that you may make this year. If you choose right, you have a reliable car that can last you for years. If you choose wrong, however, you can find yourself in a slog of a financial situation. To make a good financial decision, you must accept that buying a used car might just be the most intelligent financial choice you can make. Here’s why.
Maybe the most significant downfall to purchasing a new vehicle is that they depreciate in value much quicker than a used car. As soon as you drive your new car off of the lot, it loses as much as 20% of its value. For perspective, a $30,000 car would lose $6,000 in value the minute that you officially own the car. With a used car, you lose value at a much slower rate.
Since insurance rates vary based on the value of the car that you’re driving, you’ll find that the rates for a new car are higher than the rates for a used car. Add these savings up over the months and years, and you’ll find that you save a significant amount of money.
While people may have had a bit more reason to be uncomfortable buying a used car in years past, that is all changing. With the amount of information available in the world today, buying a used car has never been so safe or easy. Services like CarFax make it possible to ensure that your used vehicle has been kept in prime condition by all previous owners.
Have you ever wanted to drive a luxury car? As buying a brand new luxury car is out of range for many people, buying used can be the solution. While you may not be able to afford a brand-new BMW, you may be able to afford a BMW that is three or five years old and still look just as good behind the wheel.
If you’re in the market for a vehicle, you would be crazy not to explore your options in the used car market. Come down to Summit Used Cars and Trucks today to see what all we have to offer! Conveniently located in Elbridge, NY - just a short drive from Syracuse!