The Pros and Cons of Used Cars

Buying a car is a pretty big financial decision that you should not make without having all the information beforehand. Since you will be spending a lot of money, a Nashville auto loan can help you buy the car of your dreams. However, before you decide how to finance your new vehicle, one important part of your decision is thinking about whether you want a new or a used car.

Used cars come with several advantages. Even a year old model will cost much less than the brand new one. For example, a 2010 Volkswagen Beetle begins pricing at $18,690, but can frequently end up in the $20,000+ range with improvements. A used 2009 VW can cost as little as $14,971, a difference of almost four thousand dollars. A used 2005 Beetle can cost only $11,000. These prices come from dealerships, but even better deals can frequently be made with a personal seller. This is usually the biggest advantage to buying a used car.

However, there are also some problems associated with buying a used car. Usually you buy the car “as-is,” meaning any problems you have with the car after you drive it off the lot are your problem. With older cars, you can have difficulties with parts that are no longer manufactured, leading to expensive repairs. Things could even be broken on the car when it is being sold. You should always test drive a used car and make sure everything works before buying. Ask for a history of vehicle maintenance and repairs. Check the mileage, keeping in mind that low mileage is always better. Use these steps to access that reliability, safety, and value of any used car.

Finding a car you want can be difficult. Finding a way to finance that purchase may prove even more challenging. Let Nashville Banking Rates help you find the best auto loan rates for your situation.