Five Financial Benefits to Buying Used Cars in Brookings

Sep 16, 2019

If you’re in the market for your next car, truck or SUV in Brookings, you may be wondering whether to buy new or used.

Should you go with the latest, greatest model with all the bells and whistles? Or should you choose something a little less flashy – and more cost effective?

While there are certainly advantages to buying new CDJR and Fords for sale in Brookings, the money you will save by purchasing a pre-owned vehicle might sway you toward used.

Why Buy Used Cars in Brookings?

Can buying used really save you that much money in the long run? Consider this:

According to a 2017 IHS Markit study, the average length of vehicle ownership was a record of 79.3 months, or nearly seven years. Kelly Blue Book cites the average price of a new vehicle as $34,342. Meanwhile, the average price of a used vehicle in 2018 was $20,084 according to Edmunds.

Let’s put this into perspective: if the average South Dakota driver purchases and owns a new vehicle every seven years between the ages of 25 and 75 (fifty years total), they will spend approximately $245,300 which doesn’t include any interest paid on the vehicle.

If that same driver would purchase and own a used vehicle every seven years, they will spend approximately $143,457. That’s more than $100,000 in total savings. Wow!

Below are our top five financial benefits of buying used cars, trucks, and SUVs for sale in Brookings from Einspahr Auto:

Five Benefits to Buying Used

1. They cost less

As you know, there is a huge discrepancy between new and used cars – nearly $20,000 in some cases. If you are looking to save money off the bat or perhaps saved up some cash to avoid a car payment, pre-owned might be the great financial choice for you.

2. They depreciate less

The instant you drive a new car off the lot, its value drops literally thousands of dollars. Yikes.

Used vehicles also depreciate after purchasing, but not nearly as fast as new vehicles.

3. They have lower registration fees

The older a vehicle is, the less it will cost to register – it’s as simple as that!

4. They have lower dealer fees

When you buy new, you aren’t just paying a higher price tag, you’re also paying for shipping charges, destination fees, and other expenses incurred by the dealer. When you buy used, all you need to worry about is your tag, title, and registration.

5. They have lower insurance rates

Used cars for sale in Brookings tend to cost far less to insure than new ones, meaning you will save even more money over the long run when you buy used.

Shop Used Vehicles of All Makes and Models at Einspahr Auto!

If price is important to you (and why would it not be?), Einspahr Auto is the perfect place to start your search for used cars for sale in Brookings. With an expert staff that is willing to help, we’d love to help you find the perfect used vehicle at the price you want!