When thinking of buying a car, most people want the newest and shiniest model. While the latest and greatest technology may be a cool feature of the car you want, this can often increase the cost of a car by a lot, and new cars are extremely expensive. Also, many used cars that dominate the market now have relevant technologies. A great example would be buying a used Mazda in Plainfield. Not only do they require more up front and you pay over a longer period of time, new cars often have higher insurance rates than a used one. When in need of a car, consider the advantages of buying used.
Cost
The number one factor when determining whether to buy a new or used car, is cost. Cars can get very expensive very quickly, from different features and specs under the hood, to extra warranty coverage, so it’s better to start with a lower number. Buying a used car doesn’t mean you’ll always be at risk for getting a lemon, so you can be sure to pay a fair price for your car, and accident and maintenance reports are starting to be offered as standard dealer service when shopping for a used car.
While it is true that interest rates for newer cars are typically lower than those for used cars, your overall cost and length of time for a loan is much smaller than with buying a new car. Even with different interest rates, buying a used car still saves you more money overall than buying a new one.
Loss of Value
Depreciation is another major factor when buying a car. It is estimated that up to a third of the value of a new car is lost the minute it is driven off of the lot. That can be a big loss when investing in a twenty thousand dollar vehicle. With used cars, depreciation happens a little over time, so you don’t have to worry about losing one third of your new investment. A used Mazda from Plainfield is a great investment when it comes to avoiding massive depreciation.
Range in Selection
Variety is also a major benefit to buying a used car over a new one. With so many different colors and special editions of certain models or years, there are so many options available. This is great for those who have a bit of time to shop around, or for someone who has always had their eye on a certain make or model.
When it comes to buying any car, of course, the key is to do your research.
