What Are The Benefits of Buying a Used Car?

When you dreamed of owning a car when you were a kid, you probably were thinking about the fanciest, shiniest car on the lot. You imagined the newest model with all the fun bells and whistles on it that would make you look like the cream of the crop as you drove around town.

Then, you got older – and reality eventually hit you. Buying a new car isn’t all that it’s cracked up to be. It comes with hidden fees, substantial monthly payments, and significant sales tax. There is a way around the disappointment involved in the new car buying process. The secret? Be open to buying quality used cars. Auto Now of Topeka knows that they can help you with your next car purchase by showing you quality used vehicles that are just as nice as the newer models you might have your eye on. Here are some of the reasons you should feel confident about buying a used car.

Less Time Spent Paying Off Your Car

Auto loans and in-house financing options for new cars are set up to allow the buyer to pay less per month over a more extended period. As a result, more people can afford cars they initially didn’t think that they could. The consequence of this, however, is that it takes a lot longer to pay your vehicle off. Most in-house financing deals on new cars are set up for 15 years. Over that period, interest accrues at an alarming rate. Eventually, you’ll end up paying way more than you originally bargained for. Instead of letting your payments get out of hand, purchasing quality used vehicles will allow you to pay off your car in months rather than years, and will ensure that your monthly payments are high enough that you avoid paying mounds of interest but low enough that you don’t feel strained for money each month.

Skip the High Sales Tax

Many people who purchase cars forget that sales tax is not included in a car’s advertised price. This can come as a shock to those interested in buying new cars, as sales tax can reach $10,000 or more on certain new cars.

Used cars have lower taxes because they are not as expensive. Therefore, you pay less on the overall price of a car as well as less on the sales tax you weren’t expecting.

Lower Down Payments

If you’re searching for a car to purchase, you’ve probably prepared yourself for the likelihood of a down payment. New cars usually require a down payment, regardless of how much you intend to pay on it each month. The rule of thumb with down payments on large purchases is that you pay 20% of the purchase – which can add up to an entire purchase of a used car, in the thousands.

Many used car places don’t even require you to put a down payment on a car – they’ll work with you to factor it into the payment of the car itself. However, if you do end up needing a down payment (or willingly paying a larger down payment to lower your overall cost), the down payment will be much less expensive than what you might pay on a new car.

Competitive Interest Rates

If you have previous credit issues, interest rates probably have you scared. Fortunately, you don’t have to worry about interest rates at buy here pay here dealerships. Their interest rates and payment plans are intricately worked around your financial needs, which means they help you pay as little as possible over time. Their interest rates are competitive to those in the mainstream lending field, but as long as you meet monthly income requirements, you’ll never have to worry about paying more than you should.

Reputable Dealerships Sell Them Pre-Inspected

Many states have inspection laws, and in those where there are none, it can be a worry for used car purchasers that they might get the wool pulled over their eyes during a sale from a private seller. Buy here pay here dealerships have to meet rigorous federal standards for sale, and most of them sell their cars pre-inspected. This means you save on initial inspection costs as well as having the security of knowing your vehicle is safe and reliable.

Saving Gas & The Environment

We’ve all heard the statistics that the majority of the greenhouse gas pollution that happens in the lifetime of a car comes from initial production at the factory. Any time you purchase something secondhand, including a car, you are lowering the demand for new cars and therefore reducing the amount of new car production.

Additionally, some of the newer models of cars don’t get as good mileage as the older ones. It’s best to research the vehicles you like before getting a newer model. You might find you’ll save some money on gas buying an older car, as well as lowering your carbon footprint.

No Worries About Depreciation

New car buyers often worry about their car’s depreciation – will they be able to sell it for enough money when the time comes for them to purchase a new car?

With used cars, you never have to worry about depreciation because it has already happened. If you buy a vehicle used, keep it well-maintained, and make sure it is in proper working order when you try to sell it, you’ll be likely to sell it for close to what you purchased it for.

Anyone is Approved For Financing

At reputable used car dealerships, like Auto Now of Topeka, you don’t have to worry about being denied financing options if you really need them. Auto Now of Topeka has an easy-to-use online application that asks you basic information about your financial health. Rather than relying on your credit score, they make sure that you make a base income each month (for Auto Now of Topeka, this base income is $1200 after taxes) and they offer you a financing amount based on the information you provide them.

Still not convinced? Come down to Auto Now in Topeka, Kansas and let us talk to you more about the benefits of buying a used car. Visit us at 116 Southeast 29th Street or give us a call today at (785) 266-6300 for more information. To get started on an online application, please fill out this form. Once completed, hit submit and a representative will be in contact within a business day.