Buying a car is a big decision for anyone. Previously owned vehicles are an excellent option when you’re searching for a quality car on a budget. If you’re thinking about buying a used car, there are some things to consider.
Why buy used?
- The most obvious reason is the price. Not only will you save money on the overall purchase of the car, but you’ll also save on insurance and registration fees. Cars that are only a year old are, on average, 20-30 percent cheaper than new cars.
- Factory warranties for used cars are oftentimes still available
- Used cars have become increasingly reliable over the years. Rust and exhaust-system problems are not longer as common as they used to be.
- Many companies such as Enterprise and Hertz have rental car sales lots that offer a great selection of vehicles that solely have been used as rentals. These cars are typically in excellent condition and have fewer miles.
Things to consider
- Some sellers will try to hide problems with a car’s condition and reliability. Don’t be afraid to ask plenty of questions about quality, and take time to think about your decision.
- A new car depreciates in value within the first 12 to 18 months. A used car will have a lower purchase price and lower monthly payments.
- Maintenance and repair will likely be a bigger factor when buying a previously owned vehicle over a new car. You should budget for maintenance issues that might pop up in the future.
- Do your research on how much you could make for a trade-in. Check out the Kelley Blue Book to find an estimate for how much your current car is worth.
- Buying used means you might not get the latest safety features or all the bells and whistles that come with a new car. If these are important to you, you may want to consider buying new.
When you’re ready to buy
Do your research beforehand, and stay firm on your budget. Keep in mind future costs that will come with buying used. Buying a previously owned car is a great option for a lot of people, but it’s not for everyone. Have you bought a used vehicle? What was your experience? Tell us about it in the comments below!