When it comes to investing in a car, there are a number of details you need to keep in mind. If the price seems out of your range, then you should look elsewhere. Because although you want the quality of a brand new car, sometimes, putting all of your eggs in one basket isn't the best idea. You have to consider all of the other costs of owning a car – gas, maintenance, insurance, etc. If you want to save a good amount of money when investing, buying a used car is your best option. Here are a few reasons why:
1. It's a reliable choice
According to Consume Reports, used cars are more reliable now than ever. After analyzing annual subscriber surveys from past years, CR found while rust and exhaust problems used to be common in five-year-old vehicles, it's no longer an issue. Major engine and transmission problems have also decreased, proving used cars are at less of a risk for standing as an unreliable choice. It is said that most cars today should be able to pass 100,000 miles – some even reaching 200,000 – as long as proper routine maintenance is performed.
2. The overall cost is less
Not only is the payment you're putting down on the used car going to be less than a new one, but other costs will be lower, too. Typically, financing a used car comes with a lower monthly payment, and insurance costs are usually decreased as well. And according to Bankrate, registration fees are also lower for used cars. Overall, by choosing to purchase a used car instead of a brand new one, you and your wallet are going to be happy.
3. If you shop smart, you won't get ripped off
For some, buying a used car seems like risky business. How do truly you know what the car went through in the past? You could trust the seller to be honest with you, but what happens if he isn't and you find yourself on the side of the road after a week of owning the car? Thankfully, nowadays most used cars can be checked with Carfax, a company that produces a full report to provide valuable information about the vehicle's history. Before buying, ask the seller to show you a history report. If he neglects to provide the information, take that as a red flag and search elsewhere.
After deciding to buy used, head over to NJ Auto Auction, where you'll find a lot full of Carfax-certified vehicles to choose from.