For many drivers, purchasing a new vehicle is a great option. However, new vehicle costs are constantly rising, with the average cost around $48,500 as of August 2023. For this reason, many people are looking to find a quality car but save money by purchasing a used Volkswagen in Orland Park.
Going for a used car as opposed to a new one can save you money in several ways. A used vehicle will cost less based on the sticker price, and you will likely pay less for fees, insurance, and vehicle depreciation. In 2023, the average payment for a used vehicle was $533 and financing a new vehicle was around $726 monthly. This leads to savings of around $200 a month.
Vehicle depreciation is a reality of driving. However, used vehicles depreciate a lot less than a new vehicle. A new vehicle will depreciate 20% when first driven off the lot. The vehicle will lose another 10% in value during the first year. That’s 30% during the initial year of ownership. However, a used Volkswagen in Orland Park, for example, will depreciate at a much slower rate than a new vehicle because it has already gone through that 30% depreciation during the first year.
Insurance cost is based on a person’s age, credit score, driving history, mileage, and location. Since a used vehicle costs less, insurance for used vehicles tends to be lower than that of the new vehicle. There’s also the benefit of lower dealership fees.
Learn more about the benefits of purchasing a used vehicle, and see how the experts at Hawk Volkswagen of Joliet are getting people in quality used Volkswagens when you visit their website.