First Time Buying a Car? Buy Used! Here’s Why…
If it’s your first time buying a car — or your teenager’s first time buying a car — then you might be nervous and even slightly intimidated. I don’t blame you – it’s a big purchase in your life. Not to mention, there are probably an overwhelming amount of questions circulating through your head right now. While there is no way for me to know what those questions are, what I can tell you is that buying used from NY used car dealers is the way to go. Why? For starters, used cars are much cheaper than new cars. Not to mention, it’s easier for parents to help finance a used car for their new drivers. Also, if something ends up breaking on it, or you need repairs, it’s a lot more forgiving compared to the price of fixing a new car. Furthermore, while a collision is still dangerous, it’s not going to be as financially detrimental compared to a new car.
You also have more options when it comes to buying used vs. new, which means you can get a vehicle from the early ‘90s or as late as 2015 if you want — all with varying prices and features.
Used Vehicles are Better for Your Budget
It’s not surprising that used cars are cheaper than new cars. The average price of a new car has actually gone up compared to previous years and currently hovers around $32,000. Combine that with a loan that lasts either 32 or 64 months at an interest rate that’s going to be extremely painful each month, and a first-time car buyer won’t even be able to afford it. Unless they lean on their parents for support, of course.
If that’s the case, then getting a used car will make it easier for both you and them. It’s cheaper, and they might be able to find one that’s at a good enough price to simply buy it in full. Even if you did have to take out a loan, it would be a lot cheaper compared to paying off the MSRP of a new vehicle.
Depreciation won’t be as big of an issue either. Which means you won’t be shelling out a lot of money for something that will eventually lose all of its value. That’s another huge benefit to buying used and is something that should be taken advantage of, especially for the first time car buyer, since you won’t have to experience the sting of value loss.
You Can Lean on Parental Support for Financing
Leaning on parents for financing is a lot easier when it comes to used cars compared to new cars. You might even have the opportunity to pay it all up front thanks to the help of your parents, then just pay them back instead of a car loan. For the parents reading this, this might be a good way to save some money for both yourselves and your teenager, depending on how expensive the car is, of course. If it’s too expensive, you still might have to get a loan for it. But, it’s a lot easier for someone who actually has a credit history to secure a loan, compared to someone purchasing for the first time.
Used Vehicles are More Forgiving
Repairs and maintenance happen, it’s just a fact of life when it comes to cars. If you find a used car in great condition, however, you might be surprised to find out that it won’t necessarily experience any more issues than a new car would. Just find a used model that’s been taken care of properly, and you’re good to go.
With that in mind, it’s quite easy to see the appeal of buying a used car. It’s even more appealing when you realize that when it does come time to buy a part for a repair, it’s going to be a lot cheaper than its new counterpart. Same idea if you total the car or get into an accident of any kind. Since you’ll most likely have insurance that doesn’t cost more than the car, it won’t be as big of a financial loss if something happens to it.
You Have More Options When Buying Used vs. New
Finally, when buying used you have way more options to get that perfect car you want. Perhaps you envision working with your dad on a hot-rod together. Now’s the time! Buy an older Camaro or Mustang for a much cheaper price, get it in the garage, and start throwing some modifications on it. While that might seem intimidating for some parents — and even teens — there’s a whole host of other vehicles to grab out there. Sedans, vans, SUVs, trucks, crossovers, hatchbacks — the list goes on and on. The point is since they’re all at a more affordable price, you have plenty of options to consider.
You can also choose to get a car that’s in practically new condition, or one that’s almost (or over, if the condition is good enough) 20 years old. It all depends on what your first-time car buyer is looking for, and what you feel comfortable helping him or her secure for a first vehicle purchase. Would you rather your driver have upgraded and advanced safety features? Then get a certified pre-owned vehicle from 2015. Not only will it be loaded with a lot of safety features — if you spend the money on them, it will still be cheaper or about the same price as a bare-bones base trim on a new vehicle. So if you don’t mind getting essentially a new car loan to pay off, then this is a good option. Or, if you aren’t as worried about the newfangled technology, there are some great used cars out there you can find listed anywhere between $2,000 to $3,000.
This type of freedom is key when trying to find a good car for a first-time car buyer. Being able to move within the used car segment by deciding if you want a car that’s only a year old, or a car that’s 20 years old, is something that’s impossible in the new car market. Combine that freedom with the cheap pricing, more forgiving nature, and easier-to-manage maintenance, and the sum of these perks adds up in favor of used vehicles.