Owning a car is a privilege and a responsibility. It ensures that one will have reliable transportation to a job and just about anywhere else one would like to go. New vehicles are desirable for obvious reasons. The glossy appeal of something no one else has ever played with, fresh paint, the latest technology and impressive modern accessories all add to the allure of an untouched car.
What might be less attractive is the price these days. Reports show that the typical American cannot afford the median price of a new car in 24 of the 25 largest metropolitan areas in the country. The increase in price does not make having this mode of transport less necessary in most pockets of our society. An impressive 85% of the workforce in this country uses personal transportation as the primary way to get to their workplace. Used cars are more than just a previously used container. They’re an opportunity for someone who can’t afford the newest addition to the lot to experience freedom and mobility.
Get the most for your money
It’s no secret that vehicles depreciate quickly. Original owners experience this firsthand as they watch the appraised value of their prized purchase decline rapidly (10% in the first year). Buying a used car removes this component of the ownership process. If it is still relatively recent, the devaluation will probably not be detectable in the physical features. Registration fees are also typically lower, saving you even more money.
A comfortable way from A to B
While anything new can be alluring, it can also be nerve wracking. Buying a clean, well-maintained used vehicle can ease this stress. Used car drivers should still take pride in their ride, but it makes things easier knowing that any mishaps are likely not your 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 set of wheels can ease this burden. Comprehensive, theft, and collision coverage rates will be lower for used cars. Of course, it’s important to note how worn it is. Older models may have higher insurance costs due to the lack of certain safety features. Then there is the exception of what might be called an “ultra-used” car, meaning those that qualify as antiques, which are eligible for an entirely different type of coverage.
Although it is almost essential for normal professional and social life to have a means of transportation, it is not necessary to buy the latest product of the automotive industry. Consider your options to save your wallet and your peace of mind.
