It’s no secret that becoming the first owner of a brand new car is enticing, but it may not be the best financial decision. While new cars offer an array of benefits, those benefits come at a steeper price. Used cars come with their own set of benefits and may be the better option for you if you are looking to get the most car for your money.
New cars take a major hit to their value as soon as they leave the lot under new ownership. This decrease in value is called depreciation. More often than not, buying a new car with financing results in being upside down, or owing more than the car is worth. That’s never a good situation.
Since used cars have already had one owner, they don’t experience that initial decrease in value as soon as they leave the lot. As a result, used cars will retain their value better than their new counterparts, even after they’ve been parked in the garage.
Unlike new cars, which are limited to a specific selection of makes and models, used cars have no limit when it comes to selection. You can find a used car that’s out of production, comes with a specific package, or boasts a certain design. In fact, the selection of used cars is only limited by the history of the automotive industry itself.
Arguably the most obvious and significant benefit to buying a used car is the reduced price when compared to a brand new model. A used car has already had one owner, which means you can get a great deal. In fact, the savings can be significant enough that you could step up to a nicer model.
The savings don’t stop at the used car’s initial cost though. Typically, used cars cost less to insure as well. That makes budgeting for future maintenance much more manageable.
Your new used car is waiting for you at Hampton Mitsubishi.