Saves You Money:
Buying a used car is cheaper than financing a brand new vehicle which comes with a lot of additional expenses. On average, used car prices are almost 50% lower than new cars! You will be able to pay off a used car much faster, saving you financing fees.
- Used Cars Have The Features That You Want.
The advantage of buying a used car is that it is not very different from a brand new model. You don’t have to settle for expensive dealership add-ons when buying a used car. You may install your own at a lower cost than on a new car. What a great way to spend the money you saved when buying a used car.
- Lower Insurance Rates.
A used car has lower insurance rates compared to a new one. If you are in an accident with your new car, the insurance will pay for what the car is worth at that time, leaving a gap between the purchase price and what the vehicle is worth. That’s where gap insurance comes in. Gap insurance will cover the difference between what you paid for a new vehicle and what its depreciated value is, but it will raise your insurance premium. Gap insurance isn’t necessary with a used car as the depreciation has already occurred.
- Good Condition.
Currently, all cars are designed to last for about 100,000 miles while staying in very good condition. Some used cars still have part of their original warranty. Other used cars may have the option of creating a new warranty. An extended manufacturer warranty on a used car can provide factory-trained technicians to repair your car with quality parts and speedy service
- Falling Registration Fees.
The value of your car and its model year determines its annual registration fee in most states. In most states, the rate of your annual registration fee is based on your car’s value and its model year. Generally, the rate is highest in the first three years and then levels off after five years. You can save about a thousand dollars by avoiding new and annual registration fees by buying a car that’s at least three years old.
- Depreciation Advantages.
When you buy a new car, it immediately loses value as wear and tear begin to take effect.