The saying goes that when life gives you lemons, you should make lemonade. That’s all fine and dandy, however, that doesn’t mean you should or have to buy a lemon when shopping for used cars.
Often times, consumers may be wary of buying pre owned vehicles due to the lemon stigma that is associated with them. However, don’t let a few bad apples, or in this instance lemons, spoil the bunch. So why buy a used car? Buying a pre owned vehicle is perhaps one the best ways to get more bang for your buck. If you know what to look for when purchasing a used car, you’ll understand why they’re such a great value.
So again, why buy a used car? Simply put, because it make sense and cents. Get it? Here’s just a few reasons why.
This is perhaps the main reason why people choose to buy used cars. Did you know that buying a used car is 35 to 40% cheaper than buying a new one? According to cars.com, the price difference between new and used cars is, on average, roughly $20,000 as of this year. In addition, you’ll typically pay a bit less to insure a used vehicle as opposed to a new one, making the total cost of ownership much less.
Not only are used cars more affordable than new cars, they continue to retain their value once you drive them off the lot. As opposed to buying a brand new car, used car values still remain fairly high over time. The value of a new depreciates immediately and significantly after driving it off the lot. However, depreciation typically flattens out after the second year of owning a vehicle that was purchased new, making it for more cost effective to buy used.
Last but from being least, don’t let the word used throw you off. The overall quality and reliability of used vehicles — especially those that are certified by the manufacturer — is on par with that of new vehicles. Therefore, it should come as no surprise that for every new car sold in the United States, 3.3 used cars are also sold.