If you have a burning desire to own a sports utility vehicle (SUV,) you're in very good company. It was once common for the majority of people to own sedans but the tides have turned. Now, SUVs rule the roads and recently outsold sedans on a two-to-one basis. You might be fully ready to join the trend and have been eyeing a brand new SUV that you just can't seem to get off of your mind. However, instead of opting for a new SUV read more about the perks of buying a used model.
1. Let Someone Else Absorb the Overhead
Most people aren't too happy about investing in a depreciating asset. You want to buy something that will increase in value so you can get your money's worth. The reality is that unless you purchase an antique or rare vehicle it's pretty much expected for your automobile to start depreciating the moment you drive it off the lot. How much depreciation you're willing to absorb is the real issue!
Brand new vehicles tend to depreciate the most at drive-off. Once the car leaves the lot it almost instantly only becomes worth the wholesale price of the vehicle. To get around this drastic depreciation, let another motorist take the heat. This is what happens when you buy a used vehicle.
The cost of a used vehicle is generally closer to what it is actually worth. Instead of forking over a huge monthly bill for a car that is no longer worth what it was just a short while ago, you'll be able to rest in the knowledge that you aren't overpaying for something that just isn't as valuable.
2. Better Insurance Rates Make a Difference
Being able to afford the monthly note on an SUV is great but you also have to think about the insurance premium. The more expensive your car is, the more you can typically expect to pay for insurance coverage. Used SUVs usually cost much less than their newer counterparts. Because of this, you may be able to get a later model SUV that is just what you want while still being able to afford to carry quality insurance on it.
There is a used SUV out there with your name on it. Start comparing your options, like the 2019 Nissan Rogue SL for sale, and decide which gently-used ride you want to park in your driveway today.