| Each year, out of all the vehicles bought in the U.S., 41 | | | | older vehicle. |
| million are used cars compared to only 16 million new | | | | 2) PROS - On the other side, buying a used car could |
| car purchases. | | | | benefit the buyer in several ways: |
| Since purchasing a car is the next financial investment | | | | * The original owner of the car received the |
| made by US citizen other than housing, it is important | | | | depreciation hit. The market value of the new car |
| to determine if buying a used car is worth your money. | | | | decreases from year to year. An average 30% of its |
| Hector Milla Editor of the "Direct Auto Loans Lenders" | | | | value within three years from the time it was bought, |
| website -- -- pointed out; | | | | so buying their car would save you a lot of money. |
| "…1) CONS - Here is a list of the disadvantages of | | | | * Unlike purchasing a new vehicle with high insurance |
| used-car buying: | | | | fees, you will receive a lower cost of insurance if you |
| * The options of cars are limited, so the search for the | | | | choose to buy second-hand cars. |
| right vehicle could be lengthy. | | | | * Although buying new and used cars both provide |
| * The buyers have no idea if the car was treated. | | | | loans, lease, or money-saving the majority of dealers |
| Used cars usually have worn consumables such as | | | | who sell used cars often have shorter loan terms. |
| hoses, tires, shocks, filters, fans and clutch…" | | | | * If your investment is decided based on appearance |
| * Although used car dealers provide a warranty, it is | | | | and gas mileage, choosing a used car would |
| only limited to a couple of months unlike purchasing a | | | | guarantee the value and reliability it has provided over |
| new car with full warranty. Certain maintenance on | | | | the years. |
| your purchased second-hand car could be more | | | | * A used car would provide your dollar more flexibility. |
| expensive. | | | | Compared from buying a new car that would eat all |
| * Purchasing a second-hand vehicle would offer you a | | | | your finances, buying a second-hand car would allow |
| lower trade-in value. | | | | you to purchase other accessories such as air |
| * The main disadvantage of purchasing old cars is that | | | | conditioning that would cost approximately US$200 to |
| it has an unknown quantity. Whether the dealer has | | | | $900 extra. |
| worked the vehicle to make it attractive for the test | | | | "…Buying your used car could waste your money if |
| drive, the buyers are still unaware of the repair bills, | | | | you fail to do your research, compare dealerships, and |
| economical issues, and its reliable transportation. | | | | be aware of the car's market value. Be a wise |
| * It is difficult to negotiate fair financing terms on an | | | | used-car buyer…" added H. Milla. |