Those considering purchasing a car know that it is a decision that should not be taken lightly. The investment you make in a car is one that you want to last for a long time. You want to make sure you get a dependable car that you can afford and will be a benefit to your family.
One of the biggest considerations is whether to purchase a new car or a used car. While you might initially lean towards the purchase of a new car, there are definitely a lot of benefits to purchasing a used car instead.
When you buy a new car, it takes a great deal of effort to get over the initial sticker shock of the price you just paid for that car. What makes things worse with a new car purchase is the value your car loses the second it is driven off the car lot. It is estimated that most brand new cars lose as much as 10% of their value as soon as you drive them home.
This is definitely not the case with a used car. When you buy second hand cars at a used car dealership, that vehicle will be worth just as much after you drive it home as you paid for it on the lot. Used cars hold their initial value so much better than new cars, thus making them a more economical option.
If you have had credit problems in the past, buying a used car is a great way to begin repairing your credit. Used car dealerships usually have programs available to help people with credit problems purchase a car. This would be new, fresh credit that would be reporting to the credit bureaus.
Making your car payments in a timely manner will help to bring up your credit score and help to overshadow the bad credit issues you had in the past. If you have already walked into a new car dealership, you know that most will not allow someone with credit issues to finance a car. At Auto City, we offer buy here pay here auto loans which is especially helpful. This is one of the biggest benefits of buying a used car versus a new car.
We hope this helps you see the benefits of buying a second hand car no matter your financial situation. Having the ability to purchase a car that will hold its value, on terms that will work for any buyer, and that can help improve your credit makes all the difference between a wise purchase and a regretful one.