Why Buying a Used Vehicle is the Way to Go – Frugal Novice

Why Buying a Used Vehicle is the Way to Go

This is a sponsored post partnered with Newark Chrysler Jeep Dodge. All opinions are honest and are my own.

We’ve bought both new and used vehicles in our house, and there are pros and cons to each. My father always said buying used was the smart way to go, though, so in his memory, here are reasons buying used can be a really genius idea:

Less depreciation of value. A new car can depreciate about 30% in value within the first year you own it, but if you buy a one-year-old car you can take advantage of getting a lower price and minimizing your loss of value. This isn’t a detail that you notice when buying a new car, but a few years later (or even just one year later), trying to trade this new vehicle in towards a newer model will most likely affect its value by as much as 30%!

You can afford a better car with more “extras.” Many people buy used luxury brands that they could never afford new, or can get packages in vehicles that would just cost too much for budget in a new car. We have friends who bought a used minivan that came with a great DVD player system, and they never would’ve been able to get that in a new vehicle. By saving on the depreciation mentioned above, you can move your selection criteria up to a new tier of vehicle.

Better insurance rates. Can’t beat that, right? If you have a newer car, it has greater value, and higher insurance costs. On the flip side of that, a lower value vehicle costs less to insure. Not only that, registration renewal rates are cheaper for a used car, going down in price each year.

Broader choice. With used cars, your pool is opened up to makes and models from a variety of years rather than what’s currently out. You’re more likely to be able to find exactly what you’re looking for. It may add to how long the process takes, but you’ll end up completely happy with your find.

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