After plenty of lessons, yelling “Stop!” and “Slow down!” multiple times over the past six months, and trying to teach parallel parking as if you know what you’re talking about, your son finally has his license. And as tradition goes, it’s time to get him his own car. Of course, hand-me-downs are always nice, but getting him something of his own is just as special. However, buying him something brand-new probably isn’t the way to go. Why you may ask? Below are a few reasons why buying your son a used vehicle is a much better decision.
A Cheaper Asking Price
The number one reason for basically anyone to buy a used car over something new is the price. This is especially true for folks who are just starting to drive. Buying a used, cheaper car can save you thousands of dollars up front. And since your son is just starting to drive, it’s best to start out with something basic instead of a vehicle loaded with distracting amenities. Look hard enough and you may even be able to find a car that’s half the price of its newest model.
Lower Insurance Payments
When you get an insurance policy for a used car, you’re practically guaranteed to pay less than what you’d pay to cover a new car. For teen boys just starting to drive, cheaper insurance rates don’t come often, so saving money at all is always a plus. If you don’t buy a used car for your son based on any other reason on this list, this point should be your deciding factor. It simply makes the biggest impact in the long run when considering what car is right for your new driver.
Better Resale Value
Starter cars aren’t meant to be used like flashy pieces of jewelry you show off to your friends. So when the time comes to trade in your son’s used car, there’s a good chance you’ll get a better resale value than you would with something just one or two years old.
The reason behind this can be summed up in two words: decelerated depreciation. The moment you drive a new car off the lot, it’ll immediately begin depreciating, often at rates resulting in a loss of value as high as 11 by the time you pull into your home’s driveway. This means you’ll undoubtedly lose money when it comes to trade in the vehicle for something better. When buying used, however, that accelerated depreciation has already come and gone, so you’d be saving a ton of cash and get a better R.O.I. when upgrading. It’s another no-brainer reason for buying pre-owned.
With these tips in mind, we hope you consider purchasing something used as your son’s first car. You’ll be saving lots of money in important areas and still get him out on the road, a place he’s probably been dying to go since he entered high school. If you want to check out some awesome used cars, visit Rocky’s Auto Credit.