Why you should be driving a used car

car for Money is often tight for students. And one of the expenses which students need to think about is transport. If walking or using public transport isn’t an option for you, you’ll need to think carefully about buying a car. You need an affordable car, which can get you and your friends safely from point A to point B.

Financial sense

An option which you could consider is buying a used car. More and more people are seeing the value in buying cars which aren’t new. Lower price, slower depreciation of value and increased flexibility are all reasons to consider buying a used car.

A basic, reliable car – like one of the many used Chevrolet cars for sale – makes more financial sense to buy than a new car. You’ve heard it a million times, for very good reason, that new cars depreciate the minute they’re driven off the showroom floor. Simply put, you start losing money right away.

Know the possible risks

But, as with most things, along with the advantages come a number of risks. A used car may have mechanical or structural problems. Replacement parts may be difficult to find at an affordable price. The seller may not be entirely honest about the car’s mileage or condition, and the warranty may no longer be available. Your challenge, as the potential buyer, is to make the most of the used car’s advantages while educating yourself about the possible risks.

Things to think about

When deciding what car to buy, you’ll need to think about many of the factors which you would have thought about when buying a new car. These include:

  • What you can afford to pay to buy the car.
  • What you can afford to pay to operate, repair and maintain the car.
  • What you’ll be using the vehicle for.
  • How long you plan to keep the car.
  • The size, style and features you’re looking for.

Do your research

There are a number of car models which are known for being safe, reliable and comfortable. These include Toyota, Ford or Chevrolet, all which tend to make good choices for second hand cars. You’ll also need to consider the costs to maintain the car as there are certain brands which are more affordable than others.

It makes financial sense to buy a used car. Just be sure to conduct your research carefully and be certain your choice is a reliable, quality car.

black and silver door knob

Meeting savings goals does not mean you have to open multiple savings accounts

With a single saving offering embedded in the account, account holders can opt for a single investment that covers short-term, long-term, and wealth-building opportunities at the same time.   A shift in thinking and services has accompanied increasing digitization and electronic delivery. The focus is now on reducing the want for different accounts and offering […]

Read More
black Android smartphone on red flip case

8 Expenses to Factor Into Your Home Budget

Your home budget, also known as your household budget, is the money you set aside that will go toward essential living expenses. It’s critical to budget your finances to only spend what you can afford and reach your savings goals.  You can guess what kind of things go into a home budget: rent or mortgage, […]

Read More
Breathe neon signage

How to Stay Calm When Dealing With Financial Stress

Have your money problems become so dire that you find yourself searching “I need financial help immediately?” We get it. You’re in a tight spot, and you’re panicking. Hearing that you’re not alone doesn’t really help, and you aren’t sure what to do while you’re not thinking clearly.  Take a breath. Financial stress can be […]

Read More