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5 smart reasons for buying a used car

Buy a used car and save money

If your goal is saving money, buying a used car rather than a new one can save you big bucks in several ways.

“I am a big fan of buying used,” says Philip Reed, senior consumer advice editor. “I think it’s an extrem important way for a family on a budget to save money.”

Advantages of a used car

The main benefit of buying pre-owned is the lower price. … A used car can offer better value with lower monthly payments and lower insurance rates. Buying used can also help you avoid many of the additional fees attached to new cars, like freight and extra taxes (depending on where you live).

The biggest advantage to buying a used car is the fact that it can cost much less than buying a new car. Instead of spending more than $30,000 on a new car, you can usually find a reasonably reliable used car for $5,000, $10,000, $20,000 and more, but saving thousands and thousands in the process.

Buying used may allow you to pay for it in cash which saves you the cost of borrowing, which can mean big savings over time. When you buy a higher-priced car, you naturally expect to borrow, and that means you pay interest as well as a higher price.

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