Save Your Money! 8 Important Advantages of Buying a Used Car

Posted:

buying a used car

Originally posted on http://www.kake.com/story/40956371/save-your-money-8-important-advantages-of-buying-a-used-car

 

Used cars have their perks. You save money, pay less upfront, and will spend less time shopping at a car lot when you have a specific budget in mind.

Most of the time, used cars are still sitting on the lot in perfectly good condition. If you find yourself in the market for a new car, why not check out your options? It’s better to look over available cars that have been used for a few years with minimal mileage instead of jumping straight to purchasing a brand new one.

These are the 8 advantages of buying a used car. Read over all 8 advantages before you commit to purchasing a used car for yourself or your family.

1. Maintenance Costs are Lower for Used Cars

With a brand new car, the maintenance costs are going to soar as soon as you bring your car in for a routine check-up.

Some car makes and models are so particular with repair parts that it could end up costing you way more money than you ever expected to pay to keep up with the condition of your vehicle. For example, certain high-class Mercedez Benz cars need parts shipped in from overseas that will be expensive out of pocket. Repairs that go beyond the standard will require an increase in maintenance costs, so be wary of this information if you decide to buy a new car.

2. Used Cars Are Better for the Environment

The planet will definitely thank you if you choose to invest your money in a used car. One tip is to buy a used car that gets better gas mileage than your old one. Maintaining the life span of a used car can ultimately lower your carbon footprint, too.

Check the fuel efficiency of the used car that looks like a good choice before you sign the dotted line.

3. Used Cars Will Depreciate Less Over Time

According to Consumer Reports, a brand new car will depreciate by 45% over the first three years of ownership. When you buy a new car from a dealer you are paying the retail value upfront. Once you drive your new car off the lot, it can only be resold at a wholesale value which can mean a thousand dollar difference.

When you consider buying a used car that has only slightly been used for two to three years, the depreciation value will decrease at a much slower rate than if the car was brand new. You will lose less money over time with a used car. Another tip is to research model depreciation before you choose a used car. Find a model that depreciates the quickest to land a great deal.

4. You Can Sell Your Used Car for the Same Value You Bought It for

Another perk to investing in a used car? You may be able to get your money back on your initial investment if you decide to sell it a couple of years down the road.

Since your used car will have depreciated at a much slower rate, you won’t lose out on much money when it comes time to sell. A brand new car will have depreciated by thousands of dollars by the time you wish to sell it to someone else. Be smart with your money and consider buying a used car so you don’t sacrifice losing a lot of money.

5. Lower Insurance Fees

Used cars, such as these used vehicles, can also help you save money on insurance premiums. Of course, driving any car with insurance is a must. You want to be protected and covered just in case of an emergency situation! Driving on the road can be a dangerous everyday task, so have the confidence to drive safely while knowing you are covered by insurance.

Owning a slightly older car can mean huge savings on your insurance monthly premiums. As with all of the details of your potential used car, do your research and find out if the model has a good auto insurance history. Take a look at the model and read up on any previous insurance rates that are listed online. Other factors, in addition to the type of car you drive, will influence your insurance premiums such as your driving history, age, gender, and address.

6. Advantages of Buying a Used Car: The Warranty Still Applies

Another great advantage of buying a used car? The original warranty to the vehicle still applies even after the car has been sold a few times to different owners.

You need to examine the buyer’s guide associated with the used car you buy. This Buyer’s Guide will typically state whether or not the car has a warranty or not. Some cars will be listed “as-is” inside the Buyer’s Guide. As for a manufacturer’s warranty, your used vehicle may also include coverage for the first 3 years or up to 36,000 miles.

The Buyer’s Guide will tell you all of this valuable information regarding the warranty associated with your used car. Typically, a dealer will have this guide to hand over to you once you become the rightful owner of a used car. Always check to see what coverage a warranty covers before purchasing any car.

7. Used Cars Cost Less Than Brand New Ones

Let’s state the obvious here: used cars cost less than new ones. If you are not in the position to pay a lump sum of money upfront in the form of a down payment on a shiny new car, then consider going used.

You can easily find a used car will a few thousand miles on it to last you a while if you take good care of it. Even a one-year-old car can save you a lot of money.

8. Save on State Sales Tax

When buying a brand new car, the dealership and advertisements often exclude mentioning the state sales tax. This tax will add to the final cost of purchasing a new car. With used cars, a state sales tax does not play a role in the final cost.

Each state has their own individual state sales tax so be sure to research this information prior to buying a new car. If you plan on buying a used car, then you won’t have to worry about paying this additional tax at all.

Are You Someone Who Is Looking to Buy a Used Car?

Hopefully, you check over this helpful list of advantages of buying a used car before you make a final decision.

Save your money and consider investing in a used car over buying a brand new one.

Don’t forget to bookmark our site to never miss any of our latest posts!

Information contained on this page is provided by an independent third-party content provider. Frankly and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact pressreleases@franklymedia.com