Every year, nearly 40 million used cars are sold and bought in the US – almost double the number of new car sales. And, there is more than one reason for this trend! Whether you are a first-time car buyer or a seasoned driver, opting for a pre-loved vehicle comes with a wide range of advantages, including significant savings and high levels of reliability.
Unsure whether used cars are the right option for your lifestyle? Here are the unmissable benefits of this choice.
Used Cars Can Lead To Significant Savings
If you are looking for economic autos that meet your budget needs, look no further than reliable used cars. According to recent studies, a new vehicle costs an average of $42,258, which translates to an average monthly cost of $563. Because of inflation and increasing vehicle prices, most Americans find themselves borrowing upwards of $34,600 to afford their new car.
On the other hand, used cars are significantly cheaper, which allows buyers to borrow $21,400 or less to keep up related expenses – and reduce monthly payments to $465!
You Can Save on Insurance
Whether you are looking to buy a small family car or invest in the best-rated used trucks, opting for a pre-owned vehicle can help you save in more than one way.
Insurance costs always depend on the driver’s history, mileage, credit score, and location. However, typically, insurance policies for used vehicles are less expensive because they account for the lower value of the vehicle itself.
Most of The Car’s Depreciation is Already Behind You
One important factor to consider when shopping for a car is depreciation. Depreciation refers to the unavoidable loss of value that happens over time. However, this value does not drop evenly year after year.
Indeed, in the case of a new vehicle, your car will lose around 20% the moment you drive it off the dealership. Another 10% is usually lost during the first year of driving your car, and 15-20% during the first 5 years. So, buying a car that is two to five years old can help you avoid this steep loss of value.
You Can Still Make The Most of Warranties
It is true that new cars benefit from the manufacturer’s warranty, which can help you reduce maintenance and repair costs. However, not many are aware that you can still benefit from coverage for older cars, especially those that have been tested and certified.
It is The Greener Choice
It has never been more important to find a green transport solution. While opting for an electric car is undoubtedly the greenest choice, you don’t necessarily need to do so to reduce your environmental impact.
Indeed, the right pre-owned vehicle can be as fuel-efficient as newer cars. But even more importantly, new cars start negatively impacting the environment even before hitting the road. In fact, around one-third of the environmental damage of cars comes from their manufacturing process.
Today, a 100%-recyclable circular car is still being developed and only 80% of a car’s parts can be efficiently recycled. However, currently, opting for cars that have already been manufactured might be the greener choice.
Partner With a Specialized Used Cars Dealer and Opt For Certified Pre-Owned Options
Opting for a used car can help you save on your vehicle’s price tag, insurance policy, repairs, and environmental impact. And, it can also help you reduce the dealership fees and closing costs associated with buying a car.
But not all used cars are created equal. So, especially if you are not a car expert, partnering with a specialized used car dealer and choosing certified pre-owned models are essential ways to protect your investment.
View our Certified Pre-Owned Vehicles HERE
