Out with the old, in with the new, right? Not so fast. Before you rush out to buy a brand new car, consider buying a pre owned car, truck, or van. Sure, new car shopping can be exciting; however, so is finding the used car that’s just right for you.
There are many reasons why people choose to buy pre-owned cars; however, cost is perhaps the most common determining factor. According to cars.com, the average price gap between new and used vehicles was $20,000 as of 2014. Buying a used car allows you to enjoy the reliability of a new car without all the added expense.
In addition, unlike brand new cars, which can lose 40% — if not more — of their value within the first year, used cars do not depreciate as soon as you roll off the lot. This means more money in your pocket come selling time.
So if you’re in the market for a used vehicle, here are a few important things to keep in mind.
Sure, that luxury vehicle sitting on the lot looks mighty fine, but can you afford it? Before you even start looking at used vehicles, it’s important to determine what you can realistically and comfortably afford. Consider your monthly expenses, as well as any unforeseen expenses, such as repairs.
Determining the vehicle’s purpose is a good way to start getting an idea for exactly what kind of vehicle you want and need. For example, if you have a long commute or travel frequently, it may be best to get a small or compact vehicle that is known for fuel efficiency. On the other hand, if you’re using your vehicle to tow or plow, a heavier duty vehicle would be best.
Make and model
An added benefit to purchasing a used car is the larger selection of inventory; however, this can also be overwhelming. Therefore, it’s important to spend time researching reliable, quality vehicles with low costs of ownership in order to better determine which one is right for you.