Used car financing: new trend for the new gen

The difference between a brand new and used car financing is of course, the price. Vehicles that have been in service for a couple of years naturally decrease in value. This depreciation, however, does not necessarily imply that the car is in bad shape. The owner might just be upgrading his vehicle or be in dire need of cash. According to a recent survey, 60% of prospective car buyers between the ages 18 and 30 prefer used car financing more than brand new ones. This perspective may have sprouted from an increased awareness of finances, following the global economic downfall a couple of years ago.

Just when the economy is getting better, the new generation buyers begin to get sceptical of credit — after all, it was credit that pulled the country down in the first place. Employment is still scarce in some areas of the world, all the more reason enough to save on car expenses by availing of used car financing. It is expected that the demand for used car financing is likely to surge in the coming months. Young people will make the application for used car financing as one of the top priorities in their to-do list.

While parents and partners are relieved to see the renewed appreciation, car manufacturers are looking into a decline in sale of brand new vehicles. We leave them to that dilemma for now; used car financing seems to be the “in” thing (for now as well).

Watch the following video to find out more about used car financing

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