Buying a car has never been easier. Nowadays, consumers have plenty of vehicles to choose from. If you’re in the market for a reliable set of wheels, you can get value for your money when you look for used car finance deals online.
One of the best things about buying used is that modern cars are built to last longer than those that came out decades ago. If you do a little research, it’s easy to find cars that are just a couple of years old but still have hundreds of miles on it. So, before you walk into the dealership, here are several reasons you should consider buying a used car.
If your goal is to get huge savings, then buying a used car is the best choice for you. Many people want to strike a balance between owning a car and sticking to their budget. It’s easy to save for a used car and won’t take you a long time to own one.
If you’re lucky, you can even find the car you’ve been considering that is now offered as used and available at a lower price. Typically, used cars are roughly 50 percent cheaper than new ones.
Plenty of choices
Maybe you’ve been keeping a close watch on a specific vehicle for some time now, but the hefty sticker price is preventing you from buying it. Now, there’s a good chance you can find that car and buy it used. Second-hand car buyers have a larger inventory of cars to choose from, and they are not limited to models that were sold over the past couple of years.
Many consumers are aware that cars depreciate and lose up to 20 percent of their value the moment they are driven off the lot. These cars continue to lose another ten percent in value during the first year of ownership. So, if you do the math, that’s about a 30 percent drop.
However, when you buy a second-hand car, there’s no need to worry about depreciation as the previous owner has already taken that 30 percent drop. So, that’s another benefit you get from buying used.
Quicker buying process
Thanks to technology, the process of buying a used car is not only easier but also faster. Moreover, you save a lot of time by researching online instead of going to different dealerships and talking to car salespeople.
Now, you can find almost all information about the car’s model, make, value, and condition. Just visit the car seller’s website to get all those details before you visit.
Lower insurance costs
One crucial factor in determining how much you’ll spend on car insurance is the value of your vehicle. Compared to a new one, a second-hand car has a lower value. So, the amount you’ll need to pay for car insurance will be significantly less.
Lower registration fees
Like car insurance, the amount you pay for car registration will also be based on its value and model year. Usually, you pay a higher rate in the first three years, and the fees only start to decline after five years. So, when you buy a car that’s at least two or three years old, you can easily save a significant amount on new and annual registration fees.
More car for your cash
Budgeting for a used car is easier and will not put a huge dent in your savings. Moreover, your hard-earned cash can go a long way in the second-hand market compared to buying a brand-new car. Plus, it’s easier to look for a car you can afford because you have more choices.
The smell of a brand-new car might be appealing, but sometimes, you’ll get more benefits when you choose to buy a used one. Do a bit of research, and your wallet will thank you for it.
Did you buy a used car recently? How was your experience? We’d love to hear from you. Please leave a comment and let your thoughts be known.