Buying a used car might not be
the most glamorous thing, especially after you graduate college and start
making real money. After all, most of your coworkers probably have new cars.
You may feel like your old car needs an upgrade.
However, buying a used car makes a lot more sense. Not only will you likely
save money upfront, a used car will save you money in the long run. With all
the new expenses you have as a young adult, save your money on your vehicle and
use your savings on things that you really need. Here’s why buying a used car
makes the most sense for young adults.
The number one reason to buy a used car is you avoid a lot of the
depreciation. New cars immediately lose value the minute you drive away with
them. While used cars lose value too, they don’t do it as rapidly as new cars.
A new car loses 11% of its value the minute you drive it off the lot!
Buying a used car allows you to save the most money without sacrificing
much on quality. A 3 to 4 year old car will be significantly cheaper than a
brand new car, and many of the same features in that 3-4 year old car will be
similar to the new car. By purchasing a used car, you’ll save the most money
and not feel the pain of immediate depreciation.
Car insurance for young adults usually is higher than it is for older
adults. We’re seen as more of a risk. By purchasing a used car, your car
insurance costs should be cheaper than for a new car. It’s a smart way for
getting cheap insurance as a young adult.
The reason used cars are typically cheaper is that they’re not worth as
much as brand new cars, making the cost to replace them cheaper for the
insurance company. Your used car will also cost you less in state registration
fees, too, as those fees are based on your car’s worth. All of these
savings could add up to thousands of dollars. For that, don’t you think it’s
worth by a slightly used car?
One of the only things you used to lose when buying used versus new was the
ability to personalize your car with specific upgrades. You can upgrade the
navigation, the sound, the wheels… anything.
Or you can find one that’s already customized. There are many deals on
cars that have already been customized. Websites makes it easy to find the
perfect car. With these sites, you can type in specifics and the search engine
will do the rest. No longer does purchasing a used car mean you have to accept
whatever comes along in your price range. If you want that sunroof, you can
have it, as long as you have a little patience.
With the internet, it’s possible to still get the car of your dreams in a
decent price range. If purchasing a newer car is important to you, you may have
to wait a little until the right 2014 or used 2015 model comes back on the
market. But you’ll eventually get what you want. No longer does buying a used
car mean you have to take whatever is around in your city.
By purchasing a used car as a young adult, you’ll save money by avoiding
depreciation, and paying less in fees and insurance costs. With all of the
other expenses you face as a young adult, saving on transportation
should be quite appealing.
