It is often said that a new car depreciates significantly the moment a buyer drives it off the lot. According to Edmunds.com, it may depreciate as much as 11 percent of its original value. While this is bad news for new car buyers, it is good news for those who are in the market for a used car, as it shows that a used car can be affordable without necessarily having quality problems.
Even in the case that a used car may have some defects, today’s modern technology and the wealth of information available makes it far easier to know what one is getting when one buys a used car. For example, the vehicle identification number can be used to trace the history of any used car before purchase.
Many used cars are also still under warranty, which can give the buyer a sense of security.
Used cars can also be bought from dealers or private parties. Buyers may have different negotiating styles, and may be intimidated or uncomfortable negotiating with a dealer. In such a case, deals with private sellers can be made.
Individuals who are in the market for a used car but have bad credit can fill out a bad credit auto loan application in order to make the purchase affordable.