1. Depreciation

Let’s get this one out of the way. Cars depreciate. With a few outstanding exceptions, buying a new car as an investment is a bad idea. Cars are lasting longer and longer, but vehicles still lose most of their value early in their lifespan. While some models handle depreciation better than others, most shoppers can expect a new car to lose up to 50% of its value within three years of rolling off the lot. For all the perks that come packaged with new vehicles (warranties, free maintenance, low financing), the inevitable law of depreciation remains a substantial cost and a great reason to shop used instead.

2. Better Car for Less Money

This is where shopping for a used car can be a lot more fun than budgeting for a new one. Thanks to that pesky depreciation, your hard-earned money can take you a lot further in the used car market than if you were to buy new. Your budget may afford you only a base trim or entry-level car on the new market, but if you shop used, that same budget can buy you something significantly more fancy or better equipped.

3. More Options

You can drive a “better” car than you might be able to afford otherwise. Choosing a second hand car instead of a new one means that you can go up a model for the same price.

4. Used Cars Have Data

Another great thing about buying used is all the data that you can pour over concerning vehicle reliability. Carmakers redesign their models every five to seven years, and the redesign might include a new engine, transmission, electronics or suspension. The previous model's reliability might not be enough to indicate how the new model will turn out. Not only that, but the depreciated value of used cars more easily tracked as well. You can find out exactly how much you should be paying in your area for specific makes, models and trims.

5. Cars Last Longer

The basic truth is that cars are lasting longer than ever. 100,000 km is no longer the end of a car's life. Many automakers have models that can go well past that and several even offer warranties that go up to that mileage. It's always good to have your prospective used car purchase inspected by a mechanic, but 100,000 km or more on the odometer should no longer be a major deterrent.

6. Attractive financing options

With reduced-rate loans you can buy the car you’ve always wanted.