Reasons to buy a used vehicle in 2023
Reasons to buy a used vehicle in 2023
Posted on December 12, 2022
When you buy a car, you must consider various factors. Not only do you need to think about the model and equipment you want available in the car, but also the type of car and whether it fits your budget. Vehicles keep rising in price, so it’s not always possible to buy the car you want brand-new. Considering used cars can open your options when considering what vehicle to purchase.
Why Buying Used Cars is Better
There are several reasons why a used car might be a better option than a new car. Below, we consider the advantages of buying a used vehicle.
Less Expensive
It might seem obvious, but used cars are much cheaper than new ones. Often, depending on how old the car is, it might not even have that much difference in performance from the new car. You can easily save a few thousand dollars when considering a second-hand car instead.
Lower Insurance Rates
Not only is the starting price less, but the monthly insurance costs are also. Newly-purchased cars tend to have higher insurance premiums, while second-hand cars are valued less and thus have a lower monthly insurance fee.
Better Investment
While a brand-new car might seem better, they tend to lose up to 40% of its value in the first year. As you’re driving the car, you’re chipping away at the value, and a new vehicle depreciates much quicker than an older vehicle. The lower depreciation makes a used vehicle a better investment, as you’re not losing value as quickly.
No Hidden Fees and Added Warranty
Buying new vehicles means there are often fees you didn’t consider, like Shipping fees. A second-hand vehicle won’t have these fees, saving you a couple of hundred dollars on the starting price. Further, many second-hand certified pre-owned vehicles are still under warranty. Most of these vehicles are leased for two or so years, and with a five-year warranty, that still gives you some years under the factory warranty.
What You See is What You Get
If you build and price or reserve a completely new car, you often have to decide what features your car has. You might read a description of the powerful engine and driver-assistance technologies, only to later find out you had to upgrade your trim to receive those packages. With used cars, the vehicle shows everything it has from the start, with no additional packages or requirements. You can inspect the specific car you’ll be buying and narrow your options by only considering vehicles offering the required features.
Consider Used Cars Now
Buying a used vehicle in 2023 might be the smart option. The automotive industry keeps getting more expensive, and often it’s simply not feasible to buy new. However, it doesn’t have to be a case of no other option than buying second-hand, as it has several advantages. Consider the above advantages and see whether a used vehicle might be the better option for you this coming year.