Many car buyers in Cherry Hill, NJ, are focused on getting a top vehicle for their budget and are less concerned about choosing a new year model off the lot. While the cost is often the first benefit considered when buying used cars for sale, there are several other advantages to this decision.
Low or No Depreciation
Depreciation is the amount of value the vehicle loses over time. New vehicles tend to lose as much as 30% of their value the first year and then about 18% over the next six years. In total, vehicles will lose about 60% of their sale value within the first five years. Choosing used cars for sale Cherry Hill NJ eliminates the depreciation, resulting in a lower price but also less loss in value when you plan to trade in.
Lower Insurance Costs
Choosing used cars for sale, particularly with performance or luxury vehicles, results in a lower overall insurance cost. This can add up to hundreds of dollars of savings every year you own the vehicle.
Upgrading to a Better Model
Buying a used vehicle allows you to take advantage of any upgrades or features added by the original owner. Most people can also upgrade the trim level on any make if they choose used or certified pre-owned over the new model.
Lower Monthly Payments or Faster Payoff of Loan
Buying used or certified pre-owned vehicles in Cherry Hill, NJ, also allows buyers to have a lower monthly payment, pay off the car loan faster, or even manage to purchase the vehicle for cash, all of which benefit the budget.