Do you need a new vehicle? If so, you might be tempted to buy a brand new one. This isn't always a good idea, however, as a brand new vehicle depreciates very quickly. In fact, a brand new car loses up to 11 percent of its value after you drive it off the lot. After just one year, the car has lost up to 20 percent of its value. If you don't want your car to lose value so quickly, you should buy a used one instead.
Here are some more good reasons you should consider buying a used vehicle instead of a new one.
You'll Pay Less for Car Insurance
A brand new car costs more than a used one, thus making it more valuable. Because a brand new car is more valuable, it's often more expensive to insure. On average, a brand new car costs $1,852 a year to insure. Most people cannot pay for a brand new car without getting a car loan. Since brand new cars are usually financed, they need the maximum amount of insurance, which costs more money.
Used vehicles cost less, so they usually don't cost as much to insure. If you have saved enough money, you can buy a used vehicle without getting a loan, which will also help reduce car insurance costs. Even if you do need to get a loan, you will be able to pay it off sooner, and then pay less for car insurance.
You Won't Worry As Much About Door Dings
Some people who buy a brand new car park in the furthest part of the parking lot possible because they don't want to chance anything happening to it. One of a brand new car owner's worst nightmares is getting a door ding from another car parked too close.
Even with a used vehicle, you probably don't want door dings or other minimal types of damage, but you probably won't worry about it as much, which means you won't have to park so far away. You also might not stress out about other things, like spilling drinks inside your vehicle. For this reason alone, a used vehicle is especially good for those who have small children.
You Will Be Helping the Environment
Did you know that much of the carbon dioxide a car produces occurs while it is being manufactured and shipped? If more people bought used vehicles instead of new ones, fewer cars would have to be manufactured. Fewer cars being produced would reduce the amount of carbon dioxide, thus helping the environment.