Don’t Miss Out on the Savings From Buying a Used Car
How Does Buying a Used Car Save Money?
There are few things that can drain a person’s finances faster than a bad car deal. Davey Auto Sales works very hard to make sure every customer finds the best possible platform that will also fit as comfortably as possible in a person’s budget. So, how does buying a used car save money? This is a much more common question than you might think. We are happy to go over this information with anyone who is curious. Let’s take a look at a few things that you might not know.
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Stable Depreciation Rates
When a new car, truck or SUV rolls off of a dealership’s lot, its resale or trade-in value drops significantly – in the neighbourhood of 30-plus percent. By and large, a well-maintained pre-owned vehicle has a depreciation rate of around five to 10 percent. Those numbers will be significant when it’s time to find something new or new-to-you.
Lower Insurance Costs
When someone buys a new car, they often carry a loan. With any financing, the bank or other lender will require full (or comprehensive) insurance coverage for at least the life of the loan. While this will also be true of a used vehicle loan, the cost to insure it will be much more affordable.
More Affordable Purchase Price
We saved the most obvious point for last. Pre-owned vehicles have a lower upfront cost than the same make and model for the current model year. In addition to having a lower sticker price, the buyer will also borrow less money to take it home. That means more affordable monthly payments and more money in your pocket each month.
If you need help finding a safe, affordable and reliable automobile, make an appointment with a Davey Auto Sales product expert today. We work with a network of great lenders to help almost anyone find a loan they can comfortably afford.