Buying a new car has many advantages, including driving a brand-new car. However, you will have to pay a lot of money for that new car. The high cost of buying a new car represents one of the many reasons many drivers choose to buy used. Putting sticker price aside, you will find many advantages of buying a used car. Our team at Square One Auto can offer some great tips on buying used and why it can feel like an advantage.
A used car typically costs thousands of dollars less than a new vehicle. Most drivers get an auto loan. The monthly payments on a used car will cost you much less than if you purchased a new vehicle.
The loan term also appears much lower on a used car because you will borrow less money. This fact means you will pay your loan off earlier, and you can upgrade to a newer vehicle sooner.
Depreciation occurs the most in the first year or two of a car's life. This aspect means the car loses value quickly. A used vehicle will not go through as much depreciation as a new one. In fact, some used cars actually increase in value.
If you decide to borrow money to buy a used car, you'll need full coverage auto insurance. Even if you do not borrow money, you'll still want auto insurance to protect your investment. The older the vehicle, the lower the insurance premiums will cost.
Used vehicles don't have many of the hidden costs that new vehicles often include, such as shipping fees, customization fees, and other associated costs.
Many used cars also come with some sort of a warranty. You may also have the opportunity to purchase an extended warranty on the used vehicle.
Do you want to buy a used car, SUV, or truck? We welcome you to Square One Auto, where you'll find an extensive used inventory.