Buying your first car is a major decision. Most financial advisers consider a car one of the most important financial decisions next to purchasing your first home that people make in their lifetimes. There are a ton of options to choose from, with make, model, and year being chief among them. When it comes to the type of ownership, experts agree that opting for a used car may be ideal for first time car buyers, especially those who are younger or whose needs and lifestyle are subject to change. Here are just a few reasons why first time car buyers should purchase used cars in Alsip.
One of the biggest perks to purchasing a used car is the lower initial cost, and the lower down payment required. For students or those just starting out on their own, this is a huge perk to purchasing a vehicle that is pre-owned. You don’t need to save a ton for a down payment, nor do you need to worry about high monthly payments or increased insurance costs.
A lower vehicle price means that you will find yourself with lower debt. Again, for students or those moving out for the first time, beginning your adult life with good credit can go a long way to helping you secure financial stability for years to come. Affordable monthly payments that you are guaranteed to be able to pay can help you establish good credit, even if you have high student loans.
Lower Risk of Emotional Depreciation
Once a new car is driven off the lot, it loses up to forty percent of its value. That kind of financial depreciation is huge, and something that a lot of people consider when buying a car. However, the emotional depreciation that comes with getting that first scratch, or that first chip in the windshield can also be pretty major. A used car will already have gotten its first scratch, removing the extra anxiety about doing it yourself.
For more information about purchasing used cars in Alsip, contact Hawk Ford of Oak Lawn at https://www.hawkford.com/.