It seems more Millennials are opting to purchase used cars over new cars, a trend we attribute to a simple fact: Quality used cars are a great value. Here are three reasons why Millennials are buying used cars.
Income and Student Loans
Compared to Gen Xers and Baby Boomers, Millennials’ median incomes are as much as 21% lower. Millennials also have 34% less family wealth and an incredible amount of student loan debt to pay off.
Hard truth: As soon as you drive a new car off the lot, it immediately loses 10% of its value. As if that wasn’t bad enough, five years after you purchase a new car it will have lost 60% of its original value. However, if you purchase a quality used car, your car’s value depreciates much more slowly.
More Money for Experiences
When you buy a used car, you save money on both the initial purchase and in the long run on maintenance. That means money you would have poured into your car can now go to experiences. Cross country road trips, European backpacking adventures, weekends at your favorite hiking destination—whatever your heart desires, you’ll have extra cash to make it happen.
Need a quality used car you can count on? We’ve got over 300 quality used cars to choose from. With so many options, you’re bound to find the perfect fit for you or your family’s needs.
Stop by The Auto Connection today and find your perfect quality used car. Our Virginia locations include Danville, Norfolk, Newport News and two locations in Richmond. Get the approval process started from home with our easy online application.