Buying a used car is the smarter thing to do. You’ll save money, get the satisfaction of buying a car, and have a reliable transport option for years. Read on to know how a used car can benefit you.
Saves You Money
Used cars cost about 50% less than new cars. You’ll be able to pay it off faster and save on interest. The money you save could go into an investment, holiday, or a nicer car six years down the line.
New cars lose about 11% of their value on the drive home. As time passes, they lose even more of their value. When you buy a used car, it’s already depreciated. Sometimes used vehicles can even gain value. So you lose less money with a used car.
New car prices have a lot of hidden fees like shipping charges, destination fees, dealer charges, documentation fees, and more. They’re all just to inflate its price. Used cars generally don’t have a bulk of these useless fees.
With a new car, you’re always tempted to buy some custom add-ons from the dealership. These can cost a lot of money. With a used car, you can install what you want for a much lower price.
Buying a Certified Pre-Owned vehicle means that you’re getting a good quality, thoroughly-inspected car for a good price. These cars are usually inspected and refurbished by the manufacturer or some authority to ensure that it is in great shape.
Some used cars are still covered by the manufacturer’s warranty. This means you can have factory-trained technicians repairing your vehicle with quality parts and certified service. And you could even use the money you save towards an extended warranty that protects your car for years.
Since used cars cost less to buy, they are also cheaper to insure. New cars also require something called gap insurance that covers the gap between the purchase price and what the vehicle is worth. You won’t need it with a used car.
A car’s annual registration fees are based on value and model year. You could end up saving about a thousand dollars on these fees with a used car.