There are several advantages to buying a used car over a new one. More consumers are opting for this and new cars are perhaps becoming less of a status symbol. Going for a used car can also save you money in different ways. In the long run, a used car will suffer less from depreciation. You’ll also save on insurance and hidden costs. Here are five benefits to buying a used car.
AVOID NEW CAR DEPRECIATION
New cars are affected dramatically by what is known as vehicle depreciation. This means that unfortunately, they decrease in value as soon as you drive them away. This depreciation can work out on average as roughly 20% each year. You won’t be able to sell a new car for anywhere near what you originally spent.
With used cars, this depreciation has already occurred making them a much more valuable investment. Used cars tend to cost half the price of what the model would cost new anyway. People on average replace their cars every six years so it’s important to take this into account.
NO EXTRA COSTS
As well as the initial price of the vehicle, you can also save on other costs. There don’t tend to be so many hidden costs with used cars like shipping, admin, or dealership preparation charges. Your annual registration fees will be lower because this is based on your car’s value and its model year, so ergo if it’s cheaper and older, you’ll pay less.
You will also be able to get cheap auto insurance with a used car. One of the reasons for this is because you don’t need to pay gap insurance which is worked out based on the difference between the original price and the value after depreciation. As said before, the depreciation in used cars has already occurred. If you need to make a claim on your insurance it’ll be cheaper. For any driving tickets or penalties, you can simply contact Ticket Bust.
Buy going used your car will be fully certified and inspected. This means that the seller will have to prove to you with a full inspection and history record the condition of the vehicle. Any maintenance will have been carried out before the car was put on the market, so it’s essentially as good as new.
Used cars also come with warranties either the original or new. You can invest the money you saved from not buying a new car to setting up a new warranty that covers everything for a lot more mileage.
Going used is a way to reduce emissions caused by manufacturing and shipping. It is also a form of recycling that reduces waste. Often used cars are more environmentally sound than some hybrid cars as they produce less toxic waste from their batteries. Find out how to become a greener driver.
In general, cars produced nowadays are much more energy-efficient and durable so you will be getting something as reliable as a new car.
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