Buying a car is an exciting process, but it can quickly become overwhelming if you don’t know your options and how you should deal with the crucial questions that come up.
No one wants to say no to a shiny, brand new car being delivered right to their front door, but sometimes, it’s not the best investment decision. That’s why most buyers decide to purchase used cars instead of new ones, because of the many advantages.
Here are eight reasons that prove that buying a used car is a better choice.
1. They cost less
The most apparent reason and also the most important one is the low price of a used vehicle. If you’re looking to save a few thousand pounds, used cars are a better, affordable choice.
Remember that buying a used car doesn’t mean you’re stuck buying an ancient 20-year-old model with thousands of miles on the clock. Even one-year-old used vehicles come with much lower prices.
So if you spend a little more time researching the market for good quality used cars for sale, chances are, you will find just the right one.
2. Loan amounts are lower
With low prices, it’s no surprise that your car will come with a lower amount of loans to pay off. Depending on how you chose to finance your car, used vehicles are more manageable, and in turn, much quicker to pay off.
3. Depreciation rates are slower
The majority of brand new cars lose most of their value very early after you start driving them. Some can even lose up to 50% of their estimated value in just the first three years of their lifespan.
That’s why buying new cars is not always a smart financial strategy because the minute you drive your car off the lot, you start losing money fast.
When buying a used car, you can be sure that the bulk of the depreciation has already occurred, and the car won’t lose its value at the same rate as when it was new. This is why the vehicle’s first owner will typically take the most significant financial hit when selling their car.
4. Insurance costs less
To know how much your car’s insurance rate is, first, you need to understand how insurance works. The pricier your vehicle is, the more it’ll cost you in insurance.
However, this shouldn’t be a reason for you to buy damaged vehicles for lower insurance prices. The trick is to find a car that is a few years older than its models. Even a few years can cut down the insurance fees significantly.
5. Registry Fees are lower
When you buy a car, you will need to register it to your name. Used vehicles usually come with less registration fees. The costs depend on the model and age of your car, but in most cases, you can save up a little when it comes to registering used vehicles.
6. You have more high-quality options
With brand new cars, you can sometimes be stuck in long waiting lists until the car manufacturers release the new model.
Also, each year, manufacturers release only a few new models to their inventories. It’s no surprise that you will have fewer options from the pool when buying a new car.
But with used cars, you can be pickier and chose from the various makes and models that have been released in the past several years.
7. You have more history and reviews from the community
Whenever you’re researching a car for purchase, it’s crucial to look for car histories, assessments and support statements from other vehicle owners of the community. New vehicles with no previous history or performance reviews can be hard to trust.
However, when it comes to used cars, you can be sure to find reliable aftermarket support from owners just like you. New vehicles come with new problems, but used models have already been tested through time and are more reliable.
8. You can choose from certified pre-owned options
One of the many reasons people may be compelled to go for a new car is that new vehicles come with warranties. However, an excellent way to eliminate your worry about used cars with no warranties is purchasing a Certified Pre-Owned (CPO) vehicle.
These used cars go under detailed inspections to ensure the buyer of their high quality and standards. After the dealer or the manufacturer inspect the models, the CPO vehicles can come with an extended warranty, special financing, and many other perks.