Why used cars are the best options for Millenials

Buying, or financing a car is a big step for anyone, but especially big for young adults and millennials. There is a multitude of factors that go into selecting the right vehicle for them, especially the choice between buying new or used. But any millennial seriously considering this investment should consider all of the benefits with getting easy short term loans or an EZ Car Loans on a used vehicle.

Financially Manageable

In short, buying or financing used vehicles is the most affordable option for most millennials, which is an important factor in an increasingly dire economic climate for this generation. For most millennials, homeownership and families have become more challenging. Between stagnating wages form the 2008 recession and rising student loan debt, the average millennial has 34% less family wealth than their previous counterparts held at the same age. With this in mind, the cost is everything; and used vehicles offer the best value for the budget-conscious generation.

Depreciating Values on Cars

For new car owners, depreciation can be a massive burden on a car’s resale value, but it can be a blessing for the savvy used car purchaser. For those unfamiliar, depreciation is the gradual reduction of value in a car’s worth, and it can come in very swift and unpredictable ways. Simply driving a new car off the lot can depreciate a card as much as 10%. It will decrease an additional 10% after the first year and continue to decrease as high as 12-20% For each year after that.

For a used car purchaser like most millennials, depreciation can be a valuable thing. Regardless of the mileage on a vehicle, its value is guaranteed to diminish over time. This means if you can find on an older model car that is low on mileage and relatively new condition, you’ll be getting one of the best deals.

The working-class millennial generation are some of the most frugal and intelligent when it comes to spending their money. We here at CarLoanUnlimited.com understand this and provide all of our customers, millennial or not, the most affordable options with or in-house financing. Our buy here pay here dealership located in Orlando/Longwood and New Smyrna Beach ensures you are approved when all credit types are accepted and provided affordable EZ loans, no credit check auto loans, and low price down payments from $500 down.