Having a car is a privilege and a responsibility. It guarantees that one will have reliable transportation to and from work and virtually anywhere else they would like to go. New vehicles are desirable for obvious reasons. The sparkling appeal of something no one has ever played with, fresh paint, the latest technology, and impressive modern accessories all add to the allure of an intact car.
What might be less attractive is the price these days. Reports show that the typical American cannot afford the average price of a new car in 24 of the 25 largest metropolitan areas in the country. The rising price does not make having this mode of transit any less necessary in most sectors of our society. An impressive 85% of the workforce in this country uses personal transportation as the primary way to get to their place of occupation. Used cars are more than just a previously spent container. They are an opportunity for someone who cannot afford the newest addition to the lot to experience freedom and mobility.
Get the most out of your money
It’s no secret that vehicles depreciate quickly. Original owners can experience this first-hand as they watch the appraised value of their prized purchase decline rapidly (10% in the first year). Buying a used car removes this component from the ownership process. If it is still relatively recent, the devaluation will probably not be detectable in the physical characteristics. Registration fees are also typically lower, saving you even more money.
A comfortable path from A to B
While anything new can be attractive, it can also be nerve-racking. Buying a clean, well-maintained used vehicle can alleviate this stress. Used car drivers should be proud of their journey, but it makes things easier knowing that any mishap probably won’t be the first.
Insurance benefits
Depending on age and history, insurance can be one of the most expensive responsibilities associated with driving. Deciding to go with a previously loved wheelset can ease this burden. Comprehensive, theft and collision coverage rates will be lower for used cars. Of course, it is important to consider how worn it is. Older models may have higher insurance costs due to the lack of certain safety features. Then there’s the exception of what might be called an “ultra-used” car – that is, those that qualify as antiques, which are eligible for an entirely different type of coverage.
While it is almost essential to normal professional and social life to have a means of transportation, it is not necessary to buy the latest product from the automotive industry. Evaluate your options for saving your wallet and your peace of mind.