As society transitions from one year to the next, it has become tradition to make New Year’s resolutions. Perhaps this stems from a need to “let go” of one’s feelings about the previous year. Perhaps it is to give one a sense that they a fresh new start to change or to improve upon themselves in the next year. Common resolutions include losing weight, getting a better job, furthering your education or buying a house. Whatever your motivation, once you’ve made the decision on a resolution, you have to come up with a plan of action to accomplish your goals.
One of the most popular resolutions is getting a better car, and one of the best ways to accomplish this goal is by purchasing a quality used Toyota near Garnerville, NY. You may wonder, “Why buy used versus new?” When an individual buys a brand new car off of a retail lot, one of the first things to happen is getting financing. And if that individual has less than perfect credit and insufficient money down, they can expect to pay a high interest rate for that loan. Once they’ve secured that financing, they take possession of the vehicle. This approach may work fine if you have great credit or a lot of cash to put down, but for most people, a used car is the most prudent way to replace their aging ride.
If your current ride is feeling a bit tired, the benefits of upgrading your car can be substantial. First and foremost, you may save money on repairs by getting a vehicle which, although not brand-new, is newer and perhaps better designed than your existing vehicle. Being newer, it will also likely have a more efficient engine, which will use less fuel and cost you less at the pump.
Another advantage of buying a used vehicle is that you are able to negotiate a monthly payment that works within your budget. If your goal is to obtain affordable transportation with minimal insurance requirements, paying cash for an older car is the ideal situation. If your desire is to improve your credit, ideally, you should have some kind of down payment for a car that is perhaps only a couple of years old. This vehicle will most likely require some kind of financing to establish a good payment history. A lien holder on a financed vehicle will require the owner to purchase some form of comprehensive collision coverage to protect their investment.
Regardless of which option seems best for your situation, it is wise to remember to always review the history including mechanical repairs, safety recalls and accident history of any car before you purchase it. Late-model used cars may even have a portion of their manufacturer’s warranty remaining! Buying used may prove to be one of the smartest resolutions you have made.