5 Reasons to Buy Used
The decision to purchase your very first car is a major one, whether you realize it or not. After all, the decision that you make with regards to the kind of car that you purchase could potentially set you back a few thousand dollars (maybe more) if you are not careful.
From gas mileage to annual inspections and vehicle taxes (depending on what state you live in), owning a car can really put a damper on your bank account. But do you always have to purchase a brand-spanking new car? In recent years, it seems as if consumers have smartened up and realized that there is something to be said for purchasing a used vehicle versus a new one. The following are 5 reasons why buying used doesn’t necessarily mean buying bad:
- Lower monthly payments: Cost is often an issue for first time car buyers as well as some repeat buyers. When you buy a used car, you will almost always pay less for it than what you would have paid for the same brand of vehicle if it was brand new. Obviously, the cheaper the car costs you up front, the cheaper your monthly payments will be (depending on the loan period that you specify).
- Existing warranty coverage: A lot of people make the mistake in thinking that if they buy a used car, they won’t get any type of warranty coverage on the vehicle. Wrong! Nowadays, you’ll not only get bumper to bumper warranty coverage, you will also receive a free carfax report as well as a factory warranty (depending on whether or not you buy a certified used car).
- The car that you always dreamed of: So, you’ve always wanted that Mercedes-Benz but could never actually afford it. Well, the chances of you being able to afford a vehicle that normally would have been outside of your price range increases when you start to look at used cars. Keep in mind, however, that in most of these cases, top of the line cars that are being sold used tend to have a ton of miles on them.
- Depreciation: As soon as you drive your brand new car off of the dealership’s parking lot, it automatically depreciates by almost twenty percent! This means that if you wanted to turn around and sell it back, you would have paid significantly more for it only to receive much less back. However, when you buy a used car, you are paying less up front for it since whoever owned it previously has already absorbed most of the depreciation costs. That’s a pretty sweet deal!
- Car Insurance: Whenever you buy a new car, expect to see significantly higher car insurance rates. The reason for this is because new vehicles are more thank likely going to be financed, thereby requiring full coverage, and car insurance rates can rocket upwards of 15-20 percent of the car’s sticker price.
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