You might think it below you to buy a used car, but if you really think about it, used cars are probably the smartest financial investment you’ll make in life. Cars are unique because while they’re a hot commodity, they’re also depreciating assets. If you were to buy a car new off of the lot today, your vehicle would depreciate up to 11% immediately as you drive it off the lot. The farther you drive, the further the depreciation scale works to effectively take away thousands of dollars within a matter of minutes of owning your car.

With this being said, it’s tempting to buy a new car. They’re pretty, shiny, they have all the bells and whistles, they have that new car smell that everybody loves so much, and people like things better when they know they’re the only ones who have occupied or owned it. There’s a certain comfort knowing that nobody else’s 5-year-old french fries are sitting under the car seat. However, there are so many financial benefits that come with buying a used car.

Here are 3 examples:

You’re Not Throwing Away Money

As mentioned before, new cars are spendy. However, it does a person no good financially to buy one new off of the lot because of the depreciating aspect of the game. Buying a new car, you might as well throw at least 10 grand away before you even get the car home.

That’s a high price to pay for a shiny paint job and a tin can. If you buy a used car, you won’t be throwing away money. At least, you won’t be throwing away money if you know what you’re doing and you buy something good and used. Used cars have already depreciated in value, so you’re going to be paying a fairer sum for what you’re getting. You can even get a better deal if you’re willing to take a gamble on a mechanic special, but the risk of not knowing what the damage is (because the seller themselves does not know what this damage it) means not everyone will be willing to take that chance.

You Won’t Care So Much About the Little Things

When you buy a new car you take a certain amount of pride in the fact that the vehicle is spotless at all times. If the car gets scratched or dented, you’re floored with anger or frustration. This leads you to spend a lot of money to ensure your perfect vehicle stays perfect. This is perfectly okay, but think about this…if you buy used, it might still be a nice car, but you know that older cars come with a certain level of character on them…you won’t feel so obligated to spend a ton of money fixing up an old car as you would a new one.

The Parts Usually Aren’t As Expensive

New cars come with expensive price tags and expensive parts. Even though an older vehicle might have more maintenance issues to take care of immediately, at least the parts are usually easy to find and the fixing is done easily. When you buy new, you’re dealing with complicated, foreign builds and expensive parts. When your car does need work, as it will because new cars aren’t really made to last like older ones were, you’ll be paying an arm and a leg for those parts.