There are two ways to buy a car: new and used. Although there are distinct advantages to either, we've put together a list of reasons to consider buying used. Whether you're looking to save some money or if you're looking for a specific make and model, buying a used car might just be the right thing for you.
- Initial Price. Used cars have a lower sticker parts than their new counterparts. However, what many people don't know is that used cars are sometimes cheaper because there's simply less demand. According to Bankrate, new cars lose up to 30% of their value within the first car simply because people are always looking to buy the latest products. One of the best ways to save big on a car and avoid depreciation is to get something that's a couple years old.
- Increased Selection. You'd be surprised to see the how many more options you have when you're willing to widen your search to used cars. New cars often come with a limited number of trims, colors, and features. If you expand your search to consider multiple model years, you could end up with exactly what you're looking for.
- Ford Certification. For a car to be certified pre-owned by Ford, it has to pass a thorough 172-point inspection. Ford CPO vehicles also come with 24-hour roadside assistance and warranties to make sure you're as protected as if you buy new. Here's more on the Ford CPO program.
- Cost-to-Own. In the long run, owning a used car usually costs less. That's because the registration, insurance, and other costs are often less. Plus, although loan rates might be slightly higher on some used models, due to the low initial price, many end up spending less. If you're in it for the long haul, consider buying used.
- Peace of Mind. It might sound strange, but used car owners tend to worry less about their car being stolen or getting dinged up. Minor accidents and scratches don't affect the price as much on a used car, so you can rest at ease knowing your money was well spent.