The buying decision: used cars vs new cars

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When it comes time to buy a car for the new driver in your family, or to simply replace your older one, the age-old question will come up. Should we buy a used car, or should we spring for a brand new one? Most of the nation chooses to go for used cars.

Statista has found that there are currently over 280 million vehicles on the road throughout the United States. Last year alone 39.3 million used cars and trucks were sold to consumers. The number of used vehicles has risen every year for the past decade.

Buying a preowned car today is safer than ever before because they are certified through the dealer, and some will even have warranties to go along with them. This may help you make your decision, or not. For many car buyers there are numerous reasons to go with a used vehicle instead of a new.

  1. Depreciation-The value of a new car drops by up to 50% as soon as you drive it off the lot. When it comes to an investment standpoint this is a bad choice to make. If you plan on using the car for a lifetime then it can be a different story, but the majority of people only keep their cars for a few years. If you are dead set on getting a new car, consider looking at affordable used cars that are a year old. They will still be in great shape and will give you the new look and feel.
  2. Variety-The choices available to you when searching for a used car are endless. In today’s market you can search online for the car you want and have endless options. If you are willing to travel to get your vehicle you will have even more to choose from. You can also find one with the options that you want, and unlike new cars, they will not cost you extra money.
  3. Insurance-Most of the time you will find that used cars and trucks will have a lower insurance premium. If you are considering getting a classic muscle car then you will not get a low premium, but an average vehicle will be less. When it comes to insurance costs the more safety features that are present the better deal you will get. It will benefit your pocketbook to look for these specific features, as well as possibly saving your life.
  4. Registration-The fees to get plates are also normally cheaper when you have a used car. If it is old enough you can get a large break on cost if you purchase lifetime plates. Even if you only keep the car for a couple of years it will still be cheaper than paying the cost every year. The bonus of that is that you will not have to stand in line at the motor vehicle division more than once.
  5. Environment-For many people doing things to help the environment are at the top of their priority list. Buying a used car will help the environment in two different ways. It will keep the vehicle from going to a salvage yard and cluttering up the land while it sits waiting for a few parts to be taken off it. It will also lower the amount of pollution that car plants give off while making new ones. If you buy used it will lower the demand for new cars, which lowers the pollution that the big factories give off.

Your decision will obviously not be made because of national statistics, or by listing a few benefits associated with buying used rather than new. In the end, the choice comes down to what you want and how much you can afford.

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