Millennials are known for many things, but one thing you might not know is that used cars are becoming more and more popular among younger generations. Why should millennials buy used? While cost and savings are always important, many millennials realize that modern cars are highly reliable. Thanks to financing, leasing and certification options, used cars are especially practical.
According to Auto City, Millennials should consider buying used vehicles for the lower cost. Median income is down about 21 percent, which means large monthly payments and down payments are out of the question. The average new car is over $33,000, while the average used car is just $20,000. That means used cars are the clear winners in terms of savings.
Additionally, many Millennials aren’t afraid to shop the internet and use apps to their advantage. Sites like CarFax can easily provide you with a vehicle history report as long as you have the VIN, which means there’s less guesswork when buying used.
Also, consider buying used for lower depreciation and better financing. New cars can lose up to 40 percent in their initial value over the first 3-4 years of ownership, which means used cars allow you to avoid that initial dip in value. Plus, with a lower sticker price, you’ll often spend less on financing — a bonus for anyone looking to avoid getting stuck with a big loan.
Find the perfect vehicle for your lifestyle at Pollard Used Cars.