- The interest rates on new cars do tend to be slightly lower than they are on used cars, however the average 48-month rates on new cars at 4%, while used car rates are slightly higher — at 4.99%. In spite of the higher rates, in most cases, you still end up with a much smaller total bill when you opt for a used vehicle.
- Not only do new cars lose a large portion of their value immediately, they are also precious to new car owners who feel a gut punch when normal wear and tear inevitably happens. Some new cars lose as much as 40% of their value during the first year. “With a used car, there’s no depreciation hit the second you roll off the lot.
Variety (You can buy any make or model year)
- If you buy a used car, as opposed to a new car, you have a much wider selection of inventory to choose from and you’re not limited to models that were released over the past year or two as you would be when buying new. You have a virtually endless supply of inventory to choose from.
- These days, used car shopping is a different experience than it was in years past. Consumers have a plethora of information and resources right at their fingertips. You can even find out the experiences of thousands of other car-buyers who purchased the same vehicle you have your eye on. Were others happy with their purchase? Did anyone experience problems with the vehicle? What about the dealer? This information has made it possible for used car buyers to find out more information about prospective vehicle options than ever before.