Used cars are often the best value, for your money, when it comes to purchasing a vehicle. Right now is the perfect time to buy that used car. Used car values are great right now! If you’ve been thinking about getting a pre-owned vehicle, now is definitely the time to act.
When you purchase a new car, the moment you drive it off the lot it depreciates significantly in value. With a new vehicle, often times buyers are upside down (meaning they owe more than the car’s worth) for the first couple of years, unless they were able to put down a sizable down payment, as cash or trade in. With a used car, you don’t have the issue with instant depreciation that you have with a new car purchase. If you’ve made a smart purchase, you should be able to turn around and sell the pre-owned car you just purchased the very next day for almost exactly what you just paid for it. In fact, with a vehicle that’s priced right, you may even have equity in your pre-owned car from the time of purchase. Right now, this is more likely than ever!
Some times it is very good to get used cars via online services like Craigslist. At any time in any area you must at least find 10 to 20 cars for sale at an affordable price. Even now a brief search pulls up many search that includes Nissan Juke for sale in Chicago which is costed at least 3 times less than its evaluated price.
The economic challenges many car owners have faced in recent years have resulted in a glut in the used car market, for late model, low mileage pre-owned vehicles. As car owners look for ways to cut back on their household budgets, many have traded in their cars for less expensive vehicles. With more cars on the market than usual, this means prices are lower than ever before for a wide variety of high quality care. More cars to choose from and lower prices equals a great time to buy.
In addition to the superior value pre-owned cars offer right now, financing rates for used cars are exceptional right now as well. For buyers with good credit, you can find 36-month used car loans with an interest rate of just over 4 percent. That’s less than 1 ½ percent higher than new car loans. Buyers with good credit can enjoy the value of a used car, with interest rates very similar to new car purchases.
For buyers with bad credit, there are an increasing number of banks willing to work with buyers with less than perfect credit. As we discussed earlier, one of the advantages of a used car is it doesn’t depreciate as quickly as a new car. Add to the mix an increased number of sellers selling their cars at a reasonable price, and even buyers with poor credit are finding lenders that will finance their pre-owned car purchase right now. The lower purchase price and higher value ratio, often means even buyers with poor credit can get financing for a pre-owned vehicle with a reasonably small down payment.