Does It Make Sense to Buy a Used Car in 2023?

There are very few things in life that bring as much joy as buying a new car. Whether it’s your first car or an additional one to accommodate your growing family, a new car is synonymous with new beginnings and possibilities.

But considering the pandemic-driven global economic downturn, the joy of car ownership has become a distant reality for many people. On top of that, forecasts by expert economists indicate that a recession is just around the corner.

Amidst rising car prices, a global recession could make your dream of owning a car even more far-fetched. But there’s a way out.

If you’re planning to buy a car in 2023, it’s smarter to consider a pre-owned vehicle instead of getting a brand-new one. Why, you ask? Here are a few compelling reasons:

A Win-Win Deal

Recession or not, used cars are always less prone to depreciation. That’s because the previous owner has already borne the brunt of depreciation on your behalf. In other words, you don’t have to worry about your prized possession losing its value the moment you step out of the showroom.

Also, most used car dealerships near Anderson, SC, and other locations offer competitive rates, with some room for negotiation. That, in turn, ensures you get the maximum bang for your buck.

If you’re looking for Anderson-based used car dealerships, Family Auto is an excellent choice. They’ve been in business for years and offer an impressive selection of well-maintained cars.

Buyer-Friendly Financing

Taking a loan out from a bank during a recession may not be the wisest move. Worse still, if you’ve been a part of mass layoffs, you might even struggle to get your loan approved from the bank.

The good news is that you don’t have to worry about these things when buying a used car. Any established used car dealership, including Family Auto, will provide in-house financing (also known as buy here, pay here auto loans).

In other words, you get a loan from the dealer and pay them back over time. You can negotiate the payment terms and timeline based on your current financial situation. If you can afford to pay a $1000 down payment for cars near Anderson, SC, you’ll find plenty of dealers that offer in-house financing.

More Variety

A recession means high commodity prices and cost of living. That, in turn, can curb your spending power and affect how much you can spend on a car. Buying a brand-new car will limit your options to basic models in your desired segment.

On the other hand, used cars come with a lower price tag, thus giving you more room to upgrade to a higher segment without spending a fortune. Or you can amp up a basic model with the coolest accessories. Either way, it’s a win for you.

In Conclusion

Buying a used car might be the only feasible way to realize your dream of becoming a car owner in 2023. If you buy from a reputed and trustworthy dealer like Family Auto, you can rest assured that you’ll be walking home with a car as good as new.