Restoring Cars: Fixing Up an Old Clunker

Most people need to have a vehicle to get around town and to commute to work. When it comes time to replace your current car, you may go back and forth between buying a used car or a new car. There are pros and cons to each, but depending on your situation a used car may be a better choice. Some of the best reasons to buy a used car include:

Avoid Depreciation

The minute you drive a brand new car of the lot its value depreciates drastically. Who wants to lose thousands of dollars in the first few minutes of new car ownership? When you purchase a used car, it has already taken the biggest depreciation hit, so you can buy a nice used car that is just a few years old without having to worry about its value plummeting right away.

Get a Better Value

A used car doesn't have to be a 12 year old piece of junk with 180,000 miles. Some people upgrade their cars every few years, so there are a number of used cars on the market that are only 2 to 3 years old, and have low milage. For the best bang for your buck, look at used American cars that are just a few years old; Dodge, Chrysler, Ford, and Chevrolet have become increasingly reliable over the years, but the used models can be substantially less expensive than foreign car brands. Purchasing a car that is two or three years old is thousands of dollars cheaper than buying a new car, but it still allows you to enjoy driving a newer model with low mileage.

Easier to Avoid Problematic Makes and Models

New cars look great from the outside, but not every make and model is designed properly, which can lead to poor reliability or known mechanical issues that develop after a short time. Purchasing a used car will give you the opportunity to choose a make and model that has been on the road for a few years, so it is easier to research and find out which used cars are known for being problems, and which ones have a good track record of running properly and needing minimal repairs beyond basic maintenance. 

Lower Price

One of the biggest advantages of buying a used car over a new car is the price. Obviously a new car is more expensive, which leads to higher car payments and more expensive auto insurance premiums. If you are on a budget, it is much easier to find a used car that you can afford. Even if your budget is not tight, you can likely purchase an upgraded model that is a couple years old for less than what you would pay for a new model with no extra features.