There are many advantages in buying a used car, especially for people who have just begun working. Young professionals, particularly those who have only recently entered the work place, are often not yet in a position to choose a brand new car. Choosing a used car instead often has its own set of benefits. Here are reasons why a used car suits a young professional best:
The price makes them user-friendly
Used cars are significantly much more affordable than brand new units. Currently, the average price that new car buyers pay for a unit is around $25,500. For used cars, the average amount is just around $8,200. Putting a downpayment on a new car will still be a significant cost to the buyer.
At today’s current prices, the spread between the price of a new car and a used one is getting wider. That can only mean one thing — that buyers are getting really great deals, provided they know how to choose. For a young professional, the low prices of used cars is well-suited to their as-yet limited budget.
Depreciation can be avoided
Driving a brand new car from the dealer’s lot will significantly reduce its resale or market value. That’s the price any new car buyer will have to pay for depreciation, which could range from 20% to 30% of the value of the car. Depreciation is usually computed during the first two-year ownership of a new car.
With a used car, young professionals do not have to concern themselves with paying for depreciation. That cost will already have been shouldered by the first owner. So what they pay for is just the market value of the car, avoiding the costs associated with the unavoidable depreciation.
Insurance is cheaper
In general, insurance for used cars costs less than that charged for brand new cars. Young professionals looking to save money will find that they do not have to scrimp on coverage just because they’re buying a used vehicle.
Brand is not really a concern
Most young professionals in the market for used cars have this belief that typically high-end cars such as Mercedes Benz and Lexus are just out of their league. Not so. With certification programs made available for many luxury brands, more and more people find it easier to own the car of their dreams, albeit used ones.
Young professionals will find that these used cars are well-suited for their career and new lifestyle, particularly because luxury brands have a reputation not just for their looks but also for their function. The price is typically higher than what a regular used car will fetch but the assurance of quality plus the extras in terms of coverage will be well worth it.