Hey Millennials, Check Out Our Pre-Owned Vehicles!
If you’re in the market for a vehicle, you might be tempted to invest in a shiny, new model. Before you take the plunge, however, take a moment to read through some of the reasons why we think that used is a great option especially for millennials.
Millennials face a lot of financial uncertainty – more than their parents and grandparents faced. Their net worth is down, their income is down, and their debt is higher than previous generations. Paired with wages that haven’t increased in decades, the thousands of dollars of student loan debt the average millennial shoulders poses a bit problem to their credit score and ability to buy a home or afford expensive leases.
While depreciation is generally a bitter topic to think about if you’re the owner of a brand-new vehicle, it’s actually great news for used car buyers. Because the value of new vehicles depreciates so quickly, a five-year-old car is often worth only 40% of its asking price, and that’s assuming that it is in good condition. Instead of spending a lot of money on a vehicle that will lose value, why not invest in a solid used car that offers great features at a better price point?
Say “Yes” to Less Debt
Finally, it’s important to keep in mind financing options for your next vehicle. Many people opt for a car loan, and while this can be a good option, it’s important to note that taking on more debt is less than ideal. When you invest in a used car, the loan you might need will be lower and be paid off faster than the one you’d take out for a new vehicle.