Autos
Rising prices of automobiles can be out of the means for many in the country. Car manufacturers are eager to launch new models every other year, but the upfront price and maintenance costs can bust the common man’s wallet. Encouragingly, the average life of a car is on the decline. Car enthusiasts love to change cars quite frequently. These two factors have given a boost to the used vehicles market.
Cost
One of the biggest attractions of buying a used automobile is that it helps the owner save money. People in the country tend to save almost $17,000 when buying used cars. The more miles the car has moved, the better the chances are of getting a reasonable deal. The year of manufacture also influences the final price.
Besides, the depreciation rate of a new car is pretty fast. When a car is driven out of the dealership, and the papers are signed, its value starts to dip. Various auto industry studies point out that a new vehicle depreciates by almost 20% as soon as it leaves the dealership. In another three years, the price dips to almost 50% of the price of the new car.
Turning this into an opportunity, you can switch to a higher segment if your budget permits. So, instead of an entry-level car just launched, you can drive home a higher version or go in for a fancier one for the same amount.
Peace of mind while driving
A new car comes with a multitude of tensions. You drive extra cautiously to prevent dents and scratches. If you’re headed out of town, hire a cab or take your old car instead of the new one. Car owners usually wait for the first service or inspection before they venture outside city limits in their new car. Similarly, taking the new vehicle to a crowded spot or driving it in precarious locations is a strict no-no.
However, such tensions and hesitations are nowhere in sight with a used car. You are not worried about dents; you are ready to drive the car for an outdoor vacation.
A full-fledged car at your disposal
With a new vehicle, you need to go in for extra furnishings and accessorize it as your choice. But, when you buy a used car, it comes equipped with most of these things. In most cases, you will find a car with a music system, sunroof, air-conditioning, heating, heated seats, electric systems, and more. You get all the features the owner adds when the car is sold.
Additional cost attractions
So, the used vehicle fits well within your budget, but that’s not the only good news. Consider these points too in favor of making a perfect purchase:
->Auto parts for used cars are more easily available and affordable. There’s no great challenge in trying to find branded parts.
->Car insurance for used cars is comparatively cheaper than that for new cars.
->The sales tax on a used car does not weigh as heavily on your pocket as on a new vehicle.
->In many states, the expenses incurred in registering a used car are way cheaper than getting a new car registered.
Even in the end, if it costs more to maintain, the costs saved in buying and associated expenses are a big savior for car owners.
Attractive financing options
In the case of used vehicles, there is always the chance to get better financing options than new cars. Usually, used car dealers help you get the car financed end-to-end. Additionally, if your credit rating is low or bad, they will still get your car financed by lenders. You need to do research when looking for dealers and find favorable financing terms.
Fewer risks
Thankfully, a couple of credible companies generate reliable vehicle history reports. So, when looking at options, you can go through the various parameters like the type of registration (whether it was a personal or leased car, a taxi, or belonged to a fleet, etc.), whether the vehicle has been in any accidents, etc. You also get more details about the repair history, if the car was ever exposed to flooding, the number of owners before you, the mileage and total distance traveled, etc.
All these factors discussed above will help you come to the right decision, making your investment less risky. Buying a used car is always the right choice if it’s the first vehicle you’re getting. The range of features you get at the given price makes it a worthy purchase.
