Buying a vehicle is a significant investment that should be done with careful consideration and due diligence. One of the decisions you will have to make while buying a car is whether to buy a new or used model. While both options have their pros and cons, purchasing a used vehicle boasts many incredible benefits. Below are eight advantages of buying a used car over a new one.
1. Lower Purchase Price
One advantage a used car has over a new car is a lower buying price. Since it is already used, the price of a used car is always lower and more affordable than that of a new model. Thus, getting a used car is a great option, particularly if you want to save a few thousand dollars.
2. No Hidden Charges
New cars come with many hidden charges, such as shipment fees, advertisement fees and sales tax. This is not the case with used vehicles since they do not have any hidden fees.
3. Less Vehicle Depreciation
Vehicle depreciation is the loss of its value over time because of wear, tear or use. A vehicle depreciates by 15 to 20% years in its first year. Purchasing a used car instead of a new one means you will enjoy reduced depreciation rates. You can save up to a quarter or a half of a car’s original price if you buy it after being pre-owned for three years.
4. Many Options
Another good thing about buying a used car instead of a new one is that you will have a wide range of options to select from. Unlike a new car inventory that only consists of the latest models, a used inventory has vehicles manufactured in different years. You can even find a model that has been paused or discontinued.
5. Lower Insurance Rates
You will be pleased to learn that insuring a used vehicle is cheaper than a new one. Factors that affect the insurance costs of a vehicle include its age, make, and model. Your driving experience and where you live are also considered in the calculation. You can opt for liability coverage alone if it is permitted in your state to cut down the insurance costs even further.
6. Extended Warranty
A warranty gives you confidence that a car will perform as needed and any manufacturing issues will be taken care of by the company. Fortunately, a used car comes with an extended warranty. Reputable used car dealerships also provide their own warranty deals.
7. Certified Pre-Owned Programs
You can savor the perks of certified pre-owned programs by purchasing a used vehicle instead of a new one. Besides an extended warranty, most certified programs include free roadside assistance and thorough inspection.
8. Low Dealership Fees
Dealership fees vary from one state to another. Nevertheless, the dealership fees for used cars are often lower. Purchasing a new car, on the other hand, can attract hefty dealership fees.
Purchasing a used car is one of the best decisions you can ever make. You will get a wonderful vehicle with many adorable features at a great price.
