The millennial generation tends to have a reputation for being entitled and not good with their finances. These are people that were born between 1981 and 1996. It’s never fair to stereotype an entire generation, but some of these notions exist for a reason. If you are a millennial and are looking into purchasing a car, you will have to decide on whether you purchase a new car or a used car. You will probably consider a variety of different factors to ultimately make your choice, but we are here to save you time and tell you why used cars are the best option for millennials.
Used Car Loans Offer More Favorable Terms
It’s quite common for people to need financing when they are purchasing a car. That means borrowing money from the bank for your car and paying it back over time. If you are looking into buying a brand new car, the sticker price will be much higher. That means you will be borrowing more money from the bank and paying more in interest over the term of the loan. Instead, it makes a lot more sense to purchase a used car because they are more affordable. You can get an amazing car at a much better price if you buy used. Ask yourself, do you really want a higher car payment just to get a new car?
Depreciation is Costly on New Cars
Another reason why financially savvy millennials should opt for used cars instead of used cars is due to depreciation. Pretty much everyone knows that a new car immediately loses around 10% of its value as soon as you drive it off of the lot. With a used car, you can avoid losing so much money due to depreciation while still receiving a high-quality vehicle. You just need to do your homework and make sure you are purchasing a reliable make and model from a great used car dealership like Credit Country Auto Sales.
Lower Insurance Costs
Cars can get expensive quickly. You have to keep in mind that you will be paying for the car’s financing, maintenance, gasoline, and insurance as well. Insuring a brand new car will be much more expensive than insuring a used car. That means higher monthly insurance payments for millennials to deal with. Wouldn’t you rather use that money on something more enjoyable than car insurance? Buying used cars is clearly the right choice for millennials from a financial perspective.
We hope this article has been both informative and educational for all of the millennials out there looking to purchase a car. Buying used will help you save a ton of money on financing, insurance, and depreciation, which means it’s the right decision from a financial perspective. If you are looking for used cars for sale, contact Credit Country Auto Sales today to see our incredible selection of high-quality used cars.