Car prices are going up, and with the rapid change in the auto industry, new cars are getting costlier every year. The high value makes it difficult for a common man to purchase. Ironically, despite the costlier price, the lifespan of a car is going down as manufacturers launch newer versions of their models very soon as compared to a few years ago.
In such scenario, a used car makes more sense to first time buyers. Here are some smart reasons to buy a used car.
Depreciation
We are aware of the fact that cars depreciate. Buying a new car always comes with a cost and a vehicle loses most of its value in its early lifespan. Though some models, like Hyundai Santa Fe handle depreciation better than others; most cars are expected to lose up to 50% of their value within three years of rolling out. Depreciation remains a substantial cost even after multiple perks that come with a new car, like free maintenance, low financing, warranties.
More cars for the same money
This is where the fun part comes when shopping for a used car. You can explore a wide area of a used car with the same money you could have spent on a new car. If you can afford an entry level car in the new market with your budget, the same money can buy you a fancy vehicle for a used car.
More option
For the majority of shoppers, having a warranty to foolproof the vehicle against any shortcoming is worth the premium they would pay for a new car. However, with certified dealers for pre-owned cars make the purchase of used cars less worrisome than ever. Most of the time a buyer is offered a robust package. All manufacturers certified vehicles include some degree of warranty and additional facilities, like free roadside assistance.
Variety
When it comes to used cars, hundreds of varieties are offered every year. When it comes to a new car, it is often difficult to choose the right model as per your taste. But with used-cars, this number increases.
Lower insurance cost
The value of a car is the prime factor considered when determining the rates. The sensible logic – the more valuable a car is, the more money the buyer will have to shell out in case of any damage. It is understandable that a used car will cost less to insure than new one. You might not spot a difference between the used car and new one, but your insurance company will.
Cheaper registration fees
Though it mostly depends on where you love, older cars often cost lesser to register. Some states may charge the same fee no matter what kind of car you are purchasing, but some cut the cost depending on the car’s age, power, and similar features. Yearly taxes, which come on the top of registration fees, are sometimes based on a vehicle’s age.
Thus, you get almost all the benefits of a new car with a used car and that too at lesser price.
Angie Smith is a passionate writer who loves to write on the latest trends, technologies and an automobile industry. He likes networking with new people every day through blogging.
