What is it about new cars that make people want them? Is it the new car smell? Is it the wow-factor? Is it because they last longer than used ones? I just don’t get it.
I think buying used is the way to go. Here are 7 reasons why I think you should buy a used car.
1. The Cost Of Repairs Is Lower
Think used cars break down? New cars break down too and are costlier to repair. It can also be more difficult finding parts for a new car rather than an old one. You’re also more likely to repair a new car at the dealer, while taking your used car to a cheaper auto mechanic.
2. Used Cars Can Last A Long Time Too
The thinking of some is “Why buy a used car if I have to buy 2 used cars in 10 years, I’d rather just buy 1 new car for 10 years”. But it’s not true that a new car will always outlast an old one. A properly maintained used car can last you 10-15 years.
How often do you replace your cars anyway? Every 5-10 years? Whether you buy new or used, you’ll still replace your car at the same rate.
3. Used Cars Carry Lower Fees
Buying a new car means paying more taxes and a higher vehicle registration fee every year. When you buy a car from another person you just pay for the cost of the car, while at the dealership you pay for the car and all sorts of other fees.
4. There Are No Interest Payments
Used cars are cheaper and are can be purchased directly from the seller. Often times the cars are paid in full.
But with a new car, you’ll be stuck making monthly payments with interest for the next 5 years.
5. You Benefit From Cheaper Auto Insurance
Want only liability insurance? You can’t choose that option with a financed new car. You will have to opt for the very expensive full coverage. Even if it’s not required, you’re probably going to want to protect your very costly investment.
But when you buy used, you can just purchase the legally required minimum and save money every month on your auto insurance premiums.
6. Less Depreciation In Price
A new car is worth less the minute you drive it off of the lot. A new car will decrease in value during the first few years the most. If you try and sell it back to the dealer a month later, they’ll only give you a fraction of what you paid for it.
A used car on the other hand will maintain its value longer. Yes the price of a used car will also continue to decrease, but nowhere near as steep.
7. Change Cars More Frequently
You will want a new vehicle every 5 to 10 years. If you continue to buy new cars, this can get pretty costly. It makes zero sense to buy a new car at a high price, have the value decrease rapidly in the first 5 years, then sell it at that point. You may not be able to afford buying a new car so frequently.
But if you only buy used cars, you can change cars every 5 years.Yes they will be used cars, but they are new to you.