In current times when so many families and individuals may have gone through financial difficulties and economic changes, perhaps buying a brand-new car is one of those expenses you’ve thought about putting at the end of the list, but, as you think it through, you realize that you just need a car. It’s more than just a want now, it’s a necessity! Are there options other than buying a brand-new car? Definitely! Buying a pre-owned car is one of them.
Gone are the days when buying used cars seemed like a bad idea. As buyers are getting more careful with their options, dealers are offering more customer protections, particularly for second hand cars, so they can convince buyers that the used cars they’re selling can just be as viable an option as a brand new one.
There are many reasons to buy a secondhand car, including the below:
It Allows You To Choose From More Options
With the budget that you currently have in mind for your car purchase, if you were to buy a brand-new vehicle, your options could be very limited. In most instances, car buyers will only have enough to cover the down payment, and then go for financing options with monthly installments, because of how expensive brand-new cars can be.
If you choose to buy a used car instead, your purchasing power increases as you now have many more car makes and models to choose from.
As an example, your budget may only allow you to afford you a brand-new sedan, but because you’re purchasing second hand vehicle , you can probably look at vehicles with more space and seating capacity, and consider SUV options as well.
It Saves You Money
One of the main advantages of buying a preowned car is that you can get an amazing amount of value for money, allowing you to save so much on your purchase.
Before you even head to the dealership, do the comparison yourself and research tips on buying a used car. Google the car make and model you want to buy, and compare the brand-new and the used price. The difference is astounding. If you get a very good quality used car, you’re saving yourself many expenses down the road.
Secondhand cars are much cheaper than new cars, sometimes being just half the original cost. This means that you can easily save a lot of money when buying a secondhand car, not just from the purchase price itself, but also with the other costs inherent to car ownership.
Take these expenses, for example:
- Car registration and insurance costs are usually price and value-dependent. The lower the price of the car, the lower the fees will be.
- Maintenance costs can also be lower for less expensive cars, as long as you’ve thoroughly checked your possible purchase very well, and it’s of good quality.
As long as you take care of the car, keep it maintained, and look after its faults, you will have a car that will stay in good condition for longer.
Its Depreciation Has Already Occurred
Cars depreciate quite fast. When you buy a brand-new vehicle, right from the time you bring it out of the dealer to your home after paying for it, it’s already automatically considered used. This means, right there and then, the car’s value will have already depreciated at least 20%.
That’s 20% of the purchase price that you just lost to depreciation.
In buying a preowned vehicle, you don’t suffer this economic effect. Most used cars are around two to three years old, hence, a bulk of the depreciation cost was already borne by the previous owner.
It Gives You An Opportunity To Buy Extras
Because the selling price of used cars are tremendously lower than brand-new ones, you’ll have more left in your budget that you can use to buy extras.
For instance, you may want to purchase additional coverage on your insurance, or buy extra parts like a roof rack or a trailer hook, perhaps you’ll even want to customize your car.
With these extras that you can now afford, you’re also increasing the maximum capacity of the car to bring you productive use and satisfaction.
It Has Quicker Pay-Offs
If you’re still going to take out a loan for the purchase of your used car, the good news is that these loans have a quicker pay-off period naturally, as the value of these cars are lower, requiring a smaller financial commitment.
This is a monetary advantage you’ll truly enjoy, as you won’t have to be burdened with debt for a very long time.
As you can see, there are many reasons to buy a secondhand car, but to enjoy these benefits, you have to be a very cautious shopper yourself.
You should always try to find a seller who is honest and has a good reputation in the market. It’s important to take the time to find your secondhand car of choice carefully, and not just choose the first car you see. The right secondhand car can help you to get the most out of your vehicle and enjoy the road in comfort.