It’s time to go car shopping. Does your next vehicle need to be brand new or just new to you? This is the first decision you must make before you can go any further. There are benefits to both, as well as drawbacks to both. In order to make this important choice a bit easier, let’s break down exactly what you can expect from purchasing your next vehicle from a used car dealership. There’s both good and not-so-good aspects to it. These include:
#1 What’s the number one benefit of buying a used car? The price of course! Purchasing a used car will save you money when you buy it, when you cover it with auto insurance, and in taxes. A new car is statistically about $15,000 more than a similar used car, even if it’s just a few years older.
#2 Many car buyers wouldn’t get near a new car due to their high prices, but there are even more benefits to buying a used car than a lower price. Because used vehicles are so much less expensive than new cars, you can buy a nicer car than you might have otherwise been able to afford. That might mean a Nissan Maxima instead of a Nissan Sentra.
#1 The moment you drive a used vehicle off away from a used car dealership or a private-party sale, all of its problems belong to you. Without a warranty, you’ll have to pay out-of-pocket for any repairs. Major components of used cars can cost thousands to repair or replace.
#2 When shopping for a used car, you can’t be as picky as to what your vehicle will be. Unless you’re willing to wait a long time and search everywhere, it’s unlikely you’ll be able to find the precise vehicle you want when you’re purchasing a used car. You can have a car make and model in mind, but you’ll generally have to compromise a bit on the trim level, color, or mileage you’re willing to get.
#3 Financing often includes a higher interest rate when shopping used. You see, the bank assumes if you total your car or get too far “underwater” on your payments and owe more than the car is worth, you’ll stop making payments to them. They want to recoup their losses as quickly as possible before this happens. This means a higher interest rate for you
It is quite possibly that purchasing a pre-owned vehicle from a used car dealership in the Wallingford, CT and New Haven area is the right choice for you. For instance, most parents don’t want to buy an expensive, brand new car for a teen just learning to drive. They’re going to scratch and ding it up! It’s also a great option for someone with a small budget who doesn’t want a car payment, but needs to consistently get to work and other daily responsibilities. Ultimately, the choice is yours!