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What's Really More Affordable, Used Cars or New?

Affordable Used Cars vs New | Pros and Cons

Are you looking for the best deals on cars in Calgary? Find out all you need to know about the costs associated with affordable used cars versus new models.

Keyword(s): affordable used cars

So, you are ready to purchase a car, but you are not entirely sure where to start. That's okay because you have come to the right place by reading this article. Proper research is important when making such a serious financial decision.

You are probably wondering whether you should by a brand new car or settle for a used car. Well, there are plenty of benefits to buying a used car. It might be more profitable for you in the long run, too.

Buying used is popular, too. Over half of car buyers in recent years purchased a car that was between the ages of 6-10 years old.

Don't worry - there are plenty of great options for affordable used cars out there. You just need to know what to look for.

Continue reading to learn everything you need to know about purchasing a used car.

Depreciation of Car's Value

As tempting as it might be to purchase a brand new car, it might not be the most sensible option. Sure, it sounds cool and you could be proud of your shiny new ride. Is it worth the associated financial depreciation, though?

You have probably been warned against buying a car brand new before. You might be familiar with the idea that its value drops as soon as you drive it off the lot. This is based on substantial research that shows such a case to be true.

In fact, some studies argue that a brand new car loses around ten percent of its value as soon as you drive it off of the car lot. Then, it will most likely lose over twenty percent of its value within the first year of ownership.

Eventually, most cars that were bought brand new will lose almost sixty percent of their value within the first five years of ownership. This doesn't seem to be a smart investment. Instead, consider avoiding this depreciation by doing the research and finding the best affordable used cars in your areas.

What To Look For in a Used Car

You might still be unsettled about buying a car that has already been driven consistently by a previous owner. Well, you are not alone in that. That is why there is such a thing as certification for these pre-owned vehicles.

Certified used vehicles are perfect for anyone who wants a level of credibility when purchasing a used car. These cars have been inspected, updated, and approved by a worthy manufacturer or other legitimate agency.

This is a great option for anyone with hesitancy about buying new. In fact, it's a much better option than buying a used car directly from the previous owner, because you would have no idea if they are a trustworthy source.

When you are looking into a car that has previously been owned, there are some factors that might significantly affect your buying decision. The first thing to consider is the mileage on the car. If the car has over 120,000 miles already driven on it, it might not be worth your investment.

Fortunately, there are also plenty of easy and accessible services to keep you informed about the history of your car. These histories will tell you about major wrecks or maintenance issues the car has experienced. No matter what, you want to do as much research as possible to feel comfortable purchasing a previously owned car.

Costs of Insurance

Whether you plan to buy a brand new or a used car, you should also pause to consider the continuing costs. Insurance is a major factor here.

Used cars generally have a lower insurance rate than cars that are brand new. Insurance companies often expect comprehensive insurance coverage for brand new cars. For used cars, it is more likely that they will only require the driver to purchase collision coverage.

After doing plenty of research about affordable used cars, you might benefit later on by having a lower monthly insurance rate. Overall, this will save you some big bucks.

Costs of Maintenance

When you think about affordable used cars, it is possible that you think about how easily they might break down. Many car buyers are concerned that even if a used car is cheaper than a new one, it will still cost an arm and a leg to maintain it.

They associate a used car with something that will easily be a headache for them in the future.

It's true that you might have a couple more issues with a used car than a brand new one. However, you should recognize that no matter what, you will be paying maintenance costs for any car you end up owning.

Especially if you only consider certified affordable used cars, this might not be too large of an issue for your finances. Certification assures that there are no serious issues with a car's functionality. In comparison to depreciation and insurance costs, used cars are still more affordable overall.

Finding the Best Affordable Used Cars

As mentioned above, doing the proper amount of research is key to ensuring you get the best deal on your car purchase. Fortunately, you should easily be able to find affordable used cars in your area.

This, of course, is entirely thanks to the Internet. Modern technology allows us to connect with business quickly and view their stock of products with ease. Before you even go to a dealership, search around online for certified used cars that will best suit your driving needs and financial situation.

Financing Your Car Purchase

If, after this article, you are still hesitant about whether or not a used car is worth the purchase, that's okay. If you are strapped with your available finances for a car, there are still some great options for you.

Even used cars have excellent options for financing to ease your initial purchase. Financing will allow you to spread out payments over time to even further the affordability of your car purchase.

We know how important it is to find quality cars while sticking to your budget. To find out what kind of financing you qualify for, we encourage you to fill out our online loan application today.

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