Millennials, in case you weren’t aware of the fact, are those born between 1980 and 2000, representing two decades that marked another generation right after Generation X and Baby Boomers before that.
The biggest problem for millennials, or Gen Y, as the generation is also called, are the consequences of the past recession, economic stagnation, lower income, higher student loan debts, lower median income in oppose to their parents, Gen X, as well as lower net worth.
All these factors are making it harder for millennials to buy a house, so the majority rents; as well as making it hard for them to buy a car, so they rely on ridesharing and other alternatives in most cases.
However, millennials who are looking to buy a car could find luck in buying a used car, and here is why.
Buying a Used Car is Far Less Risky than Before
Buying a used car doesn’t mean you are buying a broken car, as used cars are a lot safer nowadays. CarsMaster, for example, offers inspection papers and AutoCheck history for used vehicles on sale.
Used Cars are Cheaper than New Cars
Although the feeling of sitting behind the new wheel is more than rewarding, you can find great used cars that would grant you the same feeling. While an average price for a new car is set at $33,000, the average price of a used car is said to be $17,000.
What you also need to note is that new cars lose 20% of their value as soon as you purchase it.
Get Approved for a Car Loan to Buy a Used Car
CarsMaster offers used cars in great condition, while there are around 400 car models you can choose from.
In case you are struggling with your finances as a millennial, you may apply for a car loan at CarsMaster, and get approved, while down payments start at $500 with monthly payments going from $350 and up.
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