Buying a family used car is something that most families try to put off as long as possible because it can be an expensive endeavor. At the same time, there has been a shift in the family car market over the past several years which has made this one of the best times to purchase used cars for families. Here is a closer look at some of these changes and 5 reasons for buying your next family used car now.
1. Newer Family Used Cars Offer Much Better Gas Mileage
One of the best reasons for buying your next family used car now is that late-model used cars offer much better fuel efficiency. Over the past five years there have been numerous technological advances which makes even the largest sedans more fuel-efficient. Now that these cars are starting to enter the secondary market, it is a great time to swap out your old family cars for a late-model used car. The initial costs, can be quickly offset with the improved gas mileage.
Plus, by purchasing a late-model used car, it will be much longer before you will need to pay for any major repairs. Assuming that you get a loan for 3 to 5 years on your new used car, there is a good chance that if you keep your current family car that it will need at least one major fix over that time period, which can sometimes be just as expensive as purchasing a used car. Along with saving money, purchasing a family used car now also prevents the headache and lost time associated with making major repairs to vehicle.
2. Late Model Family Used Cars Are Starting to Flood the Marketplace
Another reason for buying your next family used car now is that the secondary used car market is being flooded with late-model family used cars. There are several reasons for this. The first reason is that new family cars are offering larger discounts than have been seen in some time. As a result, more people have decided to trade-in their used family vehicle for a new one. With more people are switching their old cars for new ones, the secondary car market has become over-saturated Another reason that the family used car market has become so full is that over the past five years family cars have undergone a number of redesigns as well as featured several popular new releases. Many people have tried to take advantage of these new features and functions by trading in their old family cars for new ones.
Any time that the used car market becomes saturated in one segment over the rest, it creates an ideal situation for used car buyers. Currently, this is taking place in the family used car market which makes buying your next family used car now a solid financial option. Not only does the supply of family used cars far outpace demand in the segment, it is also a type of vehicle which the average person tends to not consider. As a result, this over saturation could last for some time.
3. Leasing Has Become a Popular Option Again
Along with more people are buying new cars, leasing has become a popular option as well. This can be beneficial for you because cars tend to be leased for three years. Once the lease is up, the owner has an option to either purchase the car outright or choose to find another vehicle. Most people tend not to purchase the vehicle that they lease which means those vehicles are then sold as family used cars. Since leasing has become popular again, there are a growing number of late-model used family cars available for purchase. When you combine the increase in family cars being leased with more people trading in their family cars for new vehicles, the supply on the secondary market becomes even greater, which depresses prices for family used car buyers even more.
4. Newer Used Cars Provide More Overall Value and More Space
With all of the changes made to popular makes and models of family used cars over the past five years, purchasing a new or used car will now provide you with greater overall value and convenience. While a number of technological improvements has led to better fuel efficiency, there have been a number of advancements in overall styling and design as well. As a result, family cars are now designed to offer more space and more conveniences.
The reason that most people shy away from purchasing a new car is that it depreciates very quickly. At the same time, once a car is 3 to 4 years old the rate of depreciation slows dramatically. This means that buying a used family car is a sound financial decision. When this is coupled with the over-saturated secondary family car market, you will not only save money but also get a greater overall value as well as more space for your family.
5. More People Are Downgrading to Smaller Cars
A final reason for buying a family used car now is that more people have decided to downgrade to smaller cars. Again, this has led to an influx of family cars onto the used car market. There are a variety of reasons that they may have chosen to downgrade, such as for fuel efficiency, new car deals, and because they no longer need a larger car. Regardless of the reason they downgraded, the result remains the same and the family used car market remained saturated.
These 5 reasons for buying a family used car now are only the tip of the iceberg. With several factors leading to an increase in supply and decrease in demand for family cars on the secondary market and late-model family cars providing a much greater overall value, the time to update your family car is now.