A used car is a great option for customers with limited budgets, unlimited budgets and everything in between. Automotive economies typically favor purchasing a used vehicle.
The main reason why used vehicles are financially appealing is depreciation. New cars carry a heavy value that all but disappears as soon as you drive it off the lot. Depreciation only increases after the first few years. If you applied those economics to buying a home, you’d never make the purchase.
The infographic below, The Road to Buying a Used Car, reviews the economics of buying used vehicles, as well as provides a few tips for researching buying a used car.
This infographic is useful for anyone interested in making such a purchase. While buying used saves money on the purchase, the risk is getting stuck with a vehicle that costs a fortune to fix, or flat-out doesn’t get you where you want to go.
Getting swindled on a car deal is a cultural cliché, but the fact is, majority of dealerships are reputable, and are happy to show you service records and other documentation to support the price and reliability of the vehicle you’re looking at. Nevertheless, make sure to do research and ask the right questions to be confident in what you’re purchasing.
If you’re making a used car purchase from a private seller, especially a stranger, you have to be all the more careful. Although, you still have legal remedies if you purchase a vehicle that has been misrepresented, you certainly don’t want to subject yourself to that kind of hassle.
Used cars, as we said at the top of the article, are not just for economy buyers. Pre-owned luxury vehicles are widely sold, because even wealthy buyers want to avoid the depreciation from new cars. Make sure to check out the infographic below for more information and tips on buying a used car.
Infographic created by JDBNOW, a buy here pay here dealership in Ohio