Many people have a stigma against buying used cars. They are afraid that they will buy a lemon. In other words, they do not want to pay thousands of dollars for a car that will fall apart within a year or two. Some people think that getting quality used cars and car loans in Yarmouth is impossible. While it is true that you have to be careful when purchasing a used car, there are plenty of great reasons to buy a used car. Here are three of them.
Perhaps the number one reason to buy your car used is because of depreciation. Everyone knows that a car will depreciate up to 20 percent as soon as it is driven off the lot. That means that your brand new $30,000 car is worth approximately $24,000 by the time you reach your driveway. One year later, that same car has deprecated another 10 percent, which amounts to nearly $9,000. Would you buy anything else that would depreciate $9,000 in one year?
A second reason to buy your car used is because cars are now more durable than ever. In the old days a car was on its last leg when it reach 100,000 miles. Now lots of cars can easily reach 200,000 miles and beyond. As long as you keep your car in good condition and follow the proper maintenance schedule, there is no reasons a quality used car should not work properly for several years to come.
Finally, if you buy a car used you will reduce the cost of your insurance. Your car will be worth less when you purchase it, which means your insurance rates will not be nearly as high as when the car was brand new. Additionally, once the car reaches a certain age you can do away with collision and theft insurance.
There are plenty of great reasons to secure a car loan in Halifax and buy a quality used car. We have a wide variety of used cars to choose from, including trucks, SUVs, and luxury vehicles. The loan application is fast and easy. Call us today for more information on car loans in Bridgewater!