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When thinking about purchasing a car, one of the most important things to consider is whether to buy a new or used vehicle. Of course, the dealership salesperson will attempt to hard-sell you on buying the newest/flashiest vehicle on the lot, but is that always the best way to go? Essentially, it is up to personal preference, but here are some of the biggest reasons to consider purchasing a used car rather than a new car.
We have all heard the phrase regarding the fact that your car loses value as soon as it leaves the car lot. But, it is actually true. It is generally estimated that new cars lose 20% of its value as soon as the wheels hit the road outside of the lot and will continue to lose another 10% of value in the following year. So, hypothetically, you purchase a $35,000 car. This means that after the first year of ownership, your vehicle has lost about $10,500 in value. Thankfully, as used cars generally tend to be more than one year old, it is less likely to depreciate as quickly as a new car. Based on this, owners who care about resell value should definitely consider buying a used car.
Car Insurance Rates
Generally, used cars are much less expensive to insure than new cars. The main reason for this is that, generally, new cars have a higher monetary value than used cars. This gets a bit more complicated when considering different levels of coverage, but equivalent coverages generally follow this rule. Another aspect to consider is that those who purchase new cars generally decide to finance the vehicle through some sort of auto loan. These creditors generally require the buyer to buy comprehensive coverage for the vehicle, since they are the ones who put up the money for the purchase. Since used cars are cheaper, it is less likely that you will have to finance the car, therefore, there is no creditor to require you to pay for comprehensive coverage. In the long-run, this will save you money both with the initial purchase and in regards to car insurance. If you would like to compare rates between particular new and used cars, many car insurance providers offer calculators or quote systems that allow you to enter any specified vehicles or insurance criteria.
Better Selection of Vehicles and Sellers
Generally, it is far easier to find a plethora of available cars that fit your specifications in the used car market than in the new car market. Basically, if you want to buy a new car of a particular model or make, you can only purchase it by going to a certified dealer of that particular make. So, if you want to buy a 2018 Mini Cooper S, your only option is to visit your local Mini dealership. But, when looking for used cars, you have hundreds of websites that deal in or advertise used cars. This is particularly true when dealing with rare cars. Good luck finding a 1979 model of a particular classic car at the local Ford dealer. Even if you do not have a particular model of car in mind, the wide selection that websites have to offer can help you make that decision.
Speaking of websites that sell used cars, buying used also has the advantage of different types of purchase methods. For example, if you want to big on a vehicle, you can visit websites like Ebay that will allow you to bid against others for the ownership of an automobile. There are also newer methods like Carvana, where you can view a variety of used cars using a 360-degree tour that highlights any of the vehicles cosmetic imperfections. Particular vendors like Carvana and others will also deliver the car directly to your driveway (if you live in particular areas).
So, New or Used?
Based on the previously mentioned reasons, it is quite clear that purchasing a used car is generally a better idea that opting for a brand-new car. Not only will your car depreciate less quickly, which will save you money when you go to resell the vehicle, but you will generally also save money on car insurance. With this said, if you like having a wide selection of purchase methods and cars to choose from, buying used is probably your best bet. So, do not let that salesman bully you into buying new! Buy smart, buy used!