Buying your First Used Car? Look into Certified Pre-owned
If you’re buying your first car, you’re most probably looking at a used model. Used vehicles are more affordable, and you can usually get more bang for your buck. Also, new vehicles depreciate at an average of 50% after three years, thereby putting you in a tough situation in terms of negative equity.
These days, most manufacturers have a “certified pre-owned” program. This kind of program is great for first time buyers, as it combines two advantages: used car affordability and factory warranties.
Whenever I hear that somebody I know is trying to get a first time buyer car loan, I encourage them to spend the money on a certified pre-owned vehicle, or at the very least a car or truck with a dealer inspection and/or warranty of some kind.
