Why Budget-conscious Buyers Should Consider Buying a Used

Posted Monday, Jun 26, 2023

better off buying a used car instead of a new

Let’s talk about used cars in New York: why should you get them, and what are their advantages - besides saving you money?   

To start off, the biggest problem that new car owners have to face the moment they take it home is depreciation. Your car could lose as much as 20% of its value in the first year. This means if you spend $50,000 on a brand new 2023 Lexus ES, it will lose as much as $10,000 by the first 12 months of use. This doesn’t really make any sense from the perspective of investment. 

Think about it: a used car offers you the very same benefits that a new car does at a much cheaper price. And you won’t have to contend with the problems associated with depreciation. And if you decide to go down the financing route, you may have to pay as much as $1,500 per month for the new car. Meanwhile, a used Lexus ES from the previous generation, with all the bells and whistles, may only set you back about $700 or $800 at most (or even lower if you’ve got good credit). 

 In other words, if you’re a budget-conscious motorist, there’s little financial incentive in buying a fancy new toy that doesn’t bring anything groundbreaking to the table.  

 Let’s take a more in-depth look at you may be better off buying a used car instead of a new one  

You’ll Be Paranoid About Damaging the Car  

Even if you’ve got insurance to handle the minor fender bender, your shiny new car will plummet in value the moment you take it for a drive. Being cognizant of this fact would make you less likely to enjoy driving the car and more worried about damaging it. Imagine having to walk on eggshells every time you take your new car for a spin.   

Or checking up on the car while it's parked to see that it’s not getting the occasional dent from another passing vehicle, another person, or a wild animal.  

Driving a used car doesn’t mean you can completely let go of your survival instincts, but you should at least be able to breathe a sigh of relief, knowing that a minor scratch or dent won’t devastate your inner confidence.  

You Get More Out of Less Money  

This fact cannot be stressed enough.  

Modern cars are built to last many, many years, even with the occasional accident. This means that a used car that was manufactured five years ago would have the same utility as a flashy new car that has all your attention.   

The beauty of the used car market is that it caters to an endless variety of budgets. Your budget could open you up to a bold new world of cars that previously seemed inaccessible, from entry-level cars to higher-end trims that usually run in the six-figure range.  

 For example, if you’re on a budget, then a Mercedes or BMW may not even cross your mind. The same goes for a high-end SUV with all the bells and whistles. But when you buy a used car, even if it’s been out for only a year and has already been replaced with a newer variant, you might be able to get yesteryear’s model for a fraction of the price.   

This strategy - which is nothing new - is how many savvy motorists are able to buy their dream car. And no one has to know that your car is used - unless you want bragging rights on securing a high-end car for a fraction of the price.  

Choose from a Wide Variety of Vehicle  

The used car market has seen massive growth in the past few years, not just in terms of viable cars but also in terms of price competitiveness. In fact, there were about 120.3 million used cars in 2021. This means that there is an enormous variety of used cars available that may have been previously inaccessible because of budgetary constraints.   

For example, by shopping at Thrive Auto Sales, you can choose from the largest selection of SUVs, trucks, cars, and minivans, among others. This list also includes electric cars, including many Tesla models. To learn more, simply visit the Thrive Auto Sales website and use the search bar to quickly find your desired make and model of car (based on your budget).   

You can also apply for credit by filing an online form, even if you have bad credit. A skilled sales professional will help you get the vehicle you want at the price you want.  

Pay Less Insurance  

It is a well-established fact that used cars are usually cheaper to insure. This is because used cars don’t depreciate in value as dramatically as new cars do. Insurance providers often perceive used cars as less valuable than new cars. Additionally, parts for a new car are usually more expensive compared to a used one.  

 This means that an insurance provider will have to pay less for accidents and other damages. With that said, there are other factors that determine how much you may end up paying. These include your history of driving and the level of coverage you choose. 

You Can Spend Your Money Elsewhere  

Money can’t buy happiness. But you can spend your money to make life just a tad bit easier. The money you save by switching to a used car, in terms of saved monthly premiums, can be used on other, more useful tools. For example, you could spend the money on a gym membership, go back to school, invest in your retirement, or treat yourself more to cheat meals.   

You could also spend the money saved on your loved ones. Generosity is a two-way street; by helping others, you're also boosting your mental health.  

Wrapping Up 

So, there you have it, five reasons why it makes sense to buy used cars instead of spending an arm and a leg on a new one. For more information on how to buy a used car that lasts, contact the experienced team at Thrive Auto Sales here.