Wed. Jun 19th, 2024

What to Consider When Shopping for a Used Car

When shopping for a vehicle, most people tend to assume they should buy a used vehicle or a new one. The truth is both pre-owned and new vehicles offer different pluses and minuses. A used car is obviously going to be cheaper, but new cars have better warranty protection and sometimes have new and valuable features. Most used cars today are pretty reliable, at least for those models built in the past five or six years. 

Financing

Almost everyone looking at pre-owned cars metro Detroit MI can find financing. New cars, of course, are also easy enough to finance, for someone with excellent credit. Used cars cost less, so they can be less expensive to finance. Used cars can be financed, though the interest rate may be higher or the financing term may be shorter, which may increase the montly cost of ownership. 

Ownership Costs

The monthly car payment is only one of the costs associated with owning a vehicle. Some car buyers find themselves feeling squeezed financially when they find out a $300 a month car payment comes with $400 a month for insurance, gas, maintenance, and parking. A pre-owned car is cheaper to own overall, but you may find yourself spending more on maintenance. 

Needs

Consider your transportation needs and your budget. Some people need a large SUV or pickup truck, while others buy them because they want to. You can save money without too much pain by considering what sort of vehicle matches your lifestyle. While most vehicles come with standard or optional gadgets like GPS, touch screen control panels, and Bluetooth connectivity, not every driver needs this technology. Anyone who loves those gadgets may find their pre-owned options limited. 

In short, do not assume either a used vehicle or a new one is the only way to go. Consider the full costs of owning that vehicle, your transportation needs, and your budget.