Why Buying a Used Car is Ideal for Budget-Conscious Buyers

Posted Tuesday, May 23, 2023

Let’s be honest here: new cars aren’t cheap. People save pennies for months and make huge changes in their monthly budget to afford a new car. But you can make some serious savings by buying a used car. Is the risk worth the reward?

Cars have come a long way from the early days of the first steam-powered vehicle. Interestingly, it’s mostly their shape and horsepower that have gone through a massive evolution. Their basic functions and purposes have mostly stayed the same after decades of unadulterated innovation.

A car lets you get from point A to point B: it’s as simple as it gets. It lets you run daily errands, do grocery shopping, and so much more.

News flash! You can achieve all the above with a used car. Why spend a fortune on a brand-new car when you can get a used car for a fraction of the price (with all the premium features)? The used car market is hot right now, with inventory being refreshed every other month as yesterday’s flagship cars get replaced in the blink of an eye.

Why Do People Buy Used Cars?

Most people decide to buy a used car for several reasons. For one, they could be looking to upgrade their car without spending the full price on a brand-new vehicle. Secondly, motorists know they’ll save more money in the long run because of lower fees, insurance premiums, and depreciation.

Pro tip: Buying a car from a used car dealer may be more advantageous than buying from a private owner simply because the former is often more concerned about getting good feedback from you for repeat business.

Depreciation is a Big Factor

A brand-new car starts to depreciate the moment you buy it and drive it home. Even the best cars, with all their warranties and upkeep, cannot avoid the powerful law of depreciation. While it’s true that some cars hold on to their reputation for longer than others, it’s only a matter of time before they lose their value. Over 40% of the car’s value is lost within the first year of purchase.

The moment you drive your new car home, its value drops dramatically. Why is depreciation a big deal? Because your monthly payments on the car won’t really reflect its true value. Imagine paying thousands per month on a car that has lost up to 40% of its value within the first 12 months.

You Won’t be Paranoid About Damaging a Used Car

It is extremely important to be vigilant when behind the wheel. But some people take their vigilance to paranoid levels and are always worried about scratches and damage to their cars. It can be so stressful that some people opt not to drive their brand-new car at all. Switching to a used car, on the other hand, feels as if a huge weight has been lifted off your shoulders.

Instead of worrying about the small dings and dents, you can focus more on the driving experience.

Used Cars Often Come with Warranties

Some used cars now come with warranties that cover the most expensive parts of the car for over 200,000 miles. If you buy a preowned car from a dealer, then it's very likely that the manufacturer’s warranty will be transferred to you (if it hasn’t been exhausted). Of course.

Some of these cars tend to be more expensive because they have been inspected and repaired extensively.

Paying Less for Insurance

Did you know that insurance companies look at the value of a car before calculating the rates you’ll have to pay? A brand-new car will have higher insurance premiums compared to a used car. This is simply because insurance firms will have to pay a fortune if the new car gets wrecked. However, if a used car gets damaged, the insurance firm will have to spend less on repair expenses. This means you’ll have to pay less in insurance rates every month.

Massive Variety of Used Cars

Hundreds of brand-new cars are added to the used market every year. This means that you will likely find something that aligns with your preferences and lifestyle needs. Whether you need a four-door sedan for the kids or a retro hatchback for sheer nostalgia, the used car market has you covered.

At My Auto Provider, you can find used cars that cater to every type of budget, from under $5,000 to $20,000 and more. You can use the quick search feature to find exactly what you want in terms of make, model, and price. It’s easy to get pre-qualified and see your financial options instantly, all from the comfort of your home.

Used Cars Last Longer Than Ever Before

The average life of a car is on the rise thanks to improved manufacturing processes, more durable materials, and sensible design. Automating the manufacturing process has allowed cars to last for decades thanks to high-precision systems.

According to S&P Global Mobility, the average vehicle can last more than 12 years (and even longer if you take good care of it). Following the manufacturer’s recommended maintenance schedule is a guaranteed way to get more out of your vehicle without having to spend an arm and a leg on expensive repairs.

Verdict: Buying a Used Car is the Way to Go in 2023

Ultimately, buying a pre-owned car is as good as buying a brand-new one - if you go to a reputable seller. Make sure to purchase responsibly from a used car dealer with good reviews and a reputation for trustworthiness in their community, like Auto Provider Inc. Do your due diligence before finalizing your payment.

For more information, visit Auto Provider Inc. here, and an expert will get back to you to help you choose a reliable used car.