One of the major differences between buying a used car and buying a new car is the price of the automobile. Cars that have been used for several years depreciate in value.
It's not necessarily because they need repairs or that they are in bad shape. In today's economy it could something as simple as the previous owner might need to raise some cash.
Or, on the other hand, he or she may want to upgrade to a newer car. Whatever the reason, the street smart buyer can take advantage of this situation. He or she may be able to buy a car that looks brand new but costs many thousands of dollars less than the same vehicle from the current model year would run.
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The Younger Generation Prefers Used Cars
A recent survey indicates that sixty percent of the prospective automobile purchasers who are between eighteen and thirty years of age now prefer a used car over a new car. It may be because their credit isn't so good or they may not have established a credit rating yet.
Or it could be that they already have made a car loan comparison and have found that they can get the lowest car loans for a used car.
Although the worldwide economy may be beginning to show some initial signs of recovery, many people are still reeling from the global economic meltdown that happened several years ago. And now that the younger generation is getting into the automobile marketplace they are naturally more cautious than their parents probably were when the economy was booming.
And since unemployment rates are still considerably higher than they were a decade ago it is quite evident that we are still not out of the woods. That's all the more reason to look for the lowest car loans available and a used car seems to fit that requirement quite well.
Competition for Used Car Loans is Increasing
Car manufactures and new car dealers are still staring declining sales for brand new cars in the eyes. So the competition for used car financing is beginning to heat up and become more competitive. Now that the eighteen to thirty year olds are cautiously beginning to come into the car market one of their main priorities is to do a valid car loan comparison in order to find not only the most affordable car for their budget, but the lowest car loans for that car as well.
A number of thing's are for sure. First, as of today, used car financing appears to be the "in" thing to do. Also, the partners and the parents of this more responsible generation are appreciative of the fact that they are looking for the lowest car loans and are using their heads rather than being ruled by their emotions.
How to Find the Lowest Car Loans
There are a number of companies on the internet that offer free quotes for car loans. If you're interested in buying a car why not invest a little bit of time comparing rates before you invest a lot of money for your car?
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