Although the value of both used and new cars have been appreciating over the years, there is still a significant difference between prices. In addition, the price of used cars appreciates at a slower rate than that of new cars. In today’s market, there are many used cars that have only been lightly used with lots of mileage still on them. For this reason, buying a used car can make great financial sense for those on a budget. In this article, we explain why used cars have become a compelling alternative for many buyers across the country.
Trends in Used Vehicles
What comes to mind when you think of a used car? Does an old, rundown vehicle that produces creaking sounds and leaks oil come to mind? The reality is that today, the used car market boasts many vehicles still in great condition and that are relatively new with a good amount of mileage left on them. As people start to replace their vehicles more regularly, the used cars available for sale become “newer” than ever before, making it a lucrative option for buyers who are looking for lightly used models on a budget.
Calculate How Much You Can Afford to Spend
Due to the appreciation in car prices, buyers are repaying their loans over increasingly longer terms. The average period for paying off a used car is now 65 months, with some loans even going up to 8 years or more. The main reason buyers opt for longer terms is to keep monthly payments down, but keep in mind that the longer the term of your loan, the more you end up paying on interest rates. This increases the total amount you are paying for your car. A good tip would be to calculate how much you can afford to spend before looking for a used car to purchase and only doing so on these terms.
Look for Financing Options Tailored to Your Needs
Many used car buyers may be looking to sell their own used vehicles to offset the value of their purchase. Depending on the condition of your car, this can be a significant deduction from the purchase price. It is wise to research your financing options before purchasing a used car. You may require a special kind of loan if you have bad credit or are a co-borrower.
Why Should You Work with Car Geeks for Buying and Selling Used Cars?
If you are looking to sell or purchase a used car, look no further than Car Geeks. We ensure the most competitive prices while saving you the hassle of selling your car privately. From paperwork to communicating with potential buyers or sellers, we handle all the heavy work for you. When you work with us, you can be assured that you have walked away with the best deal.
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