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Buying Used Cars Over New Cars

The Credit Pros

There are many reasons to choose used cars over new cars and we are going to break that down for you. buying used cars is a great option for budget-minded car buyers. Buying used may also help in avoiding depreciation. If you’re looking for used cars this list can help you out.

Main reasons to pick used cars over new cars

buying use cars
  • You can save money on depreciation. New cars lose their value fast about 20% in the first year. Used cars are really the only thing you will get the most bang for your buck because a two or three-year-old car has lost some of its value already. One of the popular reasons why car buyers go for used cars is because they often have lower interest rates. New cars often come with higher interest rates so they are a more risky investment.
  • There are more model options on the car lots when it comes to used cars. If you’re looking for a specific car you are more likely to find it in the used car market than you are in the new car market. Car dealerships usually carry only a few models of cars at a time. It’s best to shop local car dealerships in your area that will allow you to find the best car deal. Used cars are usually the smarter choice overall financially. If you’re worried about a new car losing value buying used is the better route.
  • Buying a used car may often come with lower insurance rates. This is simply because they are considered less of a risk than new cars. So if insurance costs are a factor for your car buying needs used cars are a solid choice. Used cars can get a bad wrap because car buyers often think they are getting a bad vehicle or a problem car but if you buy from a reputable local car dealership you can get a great deal and a reliable car for years to come.
  • You may be interested in a used car over a new car simply because they are cheaper than new vehicles and this is true. If you are on a tight budget it might be the only way to buy a car and save money. Buying used is just a choice of preference and what type of cars meets your needs.

Helping with the auto financing process

If you need help with the auto financing process of used car loans we have the ability to match you with car dealers nationwide. Our dealers are in areas of Miami, Detroit, and Boise Idaho for low payment used cars. Hope we could help you make a better decision on new or used cars in your local area.