Why a Used Car is better for Students?
A used car is almost always going to cost you less than a new car, which is ideal for students on a tight budget. You will save thousands when buying a used car, and will be able to find something that fits your needs too.
Another consideration that factors into the price is the fact that new cars depreciate as soon as you drive off of the lot, meaning that you are not getting the full value for your money. However, you may have to use the money you saved on the increased maintenance costs of a used car, but in relation to parts for a new car, these will be much lower.
Today’s modern cars are not as unreliable or liable to break as older models. In fact, if a newer model car was to break down or show signs of rust within a year, the owner would have to be very poor at upkeep.
A used car will prove reliable if you maintain it, and can last you for your entire university career. Modern vehicles are built to last longer than their older counterparts, and you will save money on services by opting for a used car. On average, people tend to keep their cars for six years, which means that buying a new car is not the most financially viable option. A used car will last for the right amount of time and will end up costing less in the long run.
These cars have had little to no repairs too, meaning that you will not have to worry about parts not being correct or damages that can affect the performance, costs which many students cannot afford.
Depreciation is minimized
New cars depreciate by at least 20% as soon as they leave the dealership lot, which is a high amount for a vehicle that has not been used until this time. Buying a used car means that it will depreciate less, retaining its value over the period you own it.
You do not have to purchase a car that is 10 years old to avoid this depreciation, you can opt for a car that is anywhere from two to five years old. If you choose the right used car and maintain it regularly, you will be able to sell it for very close to what you paid for it, something which is not possible with new cars due to their high depreciation rate.
Used car dealers can be found nationwide, meaning that students will have a much wider selection to choose from. There are much higher chances that you will find the make and model of car that you are looking for from a used car dealer, rather than a new car dealer.
Buying new means that you are restricted to choosing from the newly released models, which may not be ideal for the needs of a student. You may need an SUV model, which can cost hundreds of thousands of euros when new, and buying used will give you a bigger range to choose from.