New or Used: 5 Benefits of Buying a Used Car

benefits of buying a used car

New cars look impressive on the lot, but they aren’t always the best choice for people. Used cars may not have zero mileage, but there are many advantages over buying a car new. There are many benefits of buying a used car that people don’t realize.

If you’re in the market for a car, then don’t just look for brand new cars. Look at some used cars as well because they have many advantages over new cars. If you need a car, then used is the right choice for you.

Buying a used car in many ways is better than buying a new one.

1. Benefits of Buying a Used Car Include Retaining Value

When you buy a brand new car, the second you drive it off the lot, the value of that car decreases anywhere from 20 to 40 percent. Once the car turns a year old, it again depreciates. This isn’t the case for used cars.

Used cars have been previously owned and therefore they don’t lose their value once driven off the lot. They maintain their value far better than a new car. This comes in handy if you want to sell the car later.

2. New Cars Are More Expensive

When you go to a dealership and see the price tag for a new car, you can get sticker shock. New cars have all the latest bells and whistles and have never been off the lot, so they cost a premium price. Also, when you add in the cost of car insurance and taxes, you’re paying considerably more for that new car.

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Used cars cost less because they’ve already been owned and driven. There could be a wear and tear on the parts, but it could be years before you need to replace any. The amount of money you save buying a used car easily covers the cost of any repairs down the line.

The car may only be a year or two old when you buy it, but the cost is considerably less than a brand new car of a similar make and model.

3. You Have Better Selection of Used Cars

Car dealerships like to show off their brand new cars and trucks in their showroom and on the lost, but the reality is there are far fewer new cars than there are used cars. You have a much better selection to choose from because you can choose cars anywhere from one to 10 years old.

Don’t get pigeonholed into a brand new car you don’t particularly like when you can choose a used car in every make and model available.

4. Used Cars Are Easier to Get Financing

When a bank looks at your credit score and history to finance your car, they are assessing the risk of you defaulting on the loan. The more expensive the car, the more risk the bank takes, and the more likely of not getting financing.

Since used cars are less expensive, the bank has less risk. You’re more likely to receive funding for a used car.

5. Lower Car Registration Fees

Many states require a person to have their car registered every year. While some states have a set fee regardless of the car, other states base the fee on the value of the car.

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If you have a used car, then the value is much lower than that of a new one. You’ll save money on registration fees.

Used Cars Are a Great Investment

Don’t be impressed with new cars because they cost far more than used cars and end up costing up even more money in the long run. Instead, focus on choosing a high quality used car.

If you want to learn more about the benefits of buying a used car or interested in buying a used car, then please contact us today.

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