Posted on March 11, 2022 by Active Insurance

3 Reasons a Used Car May Be the Best Way to Go for Your New Set of Wheels

Did you know the average cost for a new car at the end of 2021 was over $45,000? That’s up from $40,000 in 2020, according to Kelly Blue Book! Given the latest prices and the chip shortage that has left car dealerships looking empty, buying a used car may be the best way to go. If that doesn’t convince you, Pronto Insurance also has a few factors to share that may make you want to choose a used vehicle instead.

Depreciation

Your car depreciates the moment you drive out of the dealership’s lot. New vehicles depreciate roughly 20 percent the moment they’re driven out of the lot and a further 10 percent during the first year. On the other hand, used vehicles have already significantly depreciated since they first left the dealership. While they will continue to decline, they’ll do so at a slower rate. This all translates to a better loan-to-vehicle-value ratio.

Value for Money

Let’s say you’re ready to purchase that beautiful truck you’ve always wanted but, after looking at the prices for new ones, you find that it’s out of your price range. However, the prices for one or two years older models are well within your means! This means you can get the vehicle of your dreams for a very good price.

Proven History

Getting a brand-new car guarantees you’ll be driving a machine that has never experienced any issues. But this doesn’t mean an old vehicle is the complete opposite of that. Fortunately, with the accessibility of finding car histories, title status, reports, and other past ownership information, you can be sure of what type of vehicle you’re driving before you make a purchase.

Insurance Is a Must

If you’re ready to bring a new set of wheels to your driveway, insurance is a must. The insurance agents at Pronto Insurance are ready to help you evaluate your needs and determine what type of protection best fits your needs and vehicle. Give us a call today for more information about our insurance services.