Many car buyers are becoming savvier nowadays, looking for better deals on the vehicles they purchase and for better fuel economy – especially in light of the recent gas price hikes! Today’s buyers are also seeking cars that would give them several years’ good run without breaking the bank. That’s why used vehicles are more popular than ever. And there are used cars in excellent condition, as long as you know where to look. But what are the real benefits of buying a used vehicle? What can it give you regarding savings, depreciation, and more? Here are the top things you should know about the real benefits of buying used vehicles.
- It is a money-saver
The biggest advantage, as anyone knows, is the savings you will get if you purchase a used model rather than a new one. Did you know that the price of a used car is about 50 percent lower than a new one? So if you are looking to pay off your vehicle much faster, you are better off with a used car. Think about it – if you pay 10k for a used vehicle instead of 20k for a new one, you have a choice of getting a nicer vehicle (an Audi instead of a Toyota, for example) – or you could opt for another set of wheels altogether!
- The vehicle’s depreciation is no longer an issue.
Another thing worth mentioning is that when you buy a used vehicle, you will no longer have to worry about substantial depreciation – which means that the depreciation will already have happened – or at least a big chunk of it. On the other hand, if you buy a new vehicle, it’s guaranteed that it will start to depreciate as soon as you drive it away from the dealership or lot. So just on the way home, your 20k car could depreciate by as much as 11 percent, and this depreciation will happen continuously for the next few years. But if you go for a used model, it might even rise in value – as some car brands are wont to do. Also, ensure the car is fully insured because sometimes the insurance companies deny paying the expense if anything unpredictable happens. According to Fort Lauderdale, FL, taking professional help in such cases makes it easier to recover your loss.
- It doesn’t come with other fees.
One fact that you should know about new cars is that they often come with extra fees or hidden charges – whereas with a used vehicle, what you see is often what you will get, as used car Utah specialists like Young Automotive will confirm. For example, if you purchase a new car, it usually comes with ‘crazy’ charges such as destination fees, shipping fees, and even dealer preparation fees. In addition, even new cars have advertising charges of up to a thousand dollars. But with a used car, you will not have to deal with any fees, except perhaps a doc fee (which usually has a charge of several hundred dollars).
And even if you get your used car from a dealership, you will not be presented with any add-ons and customizations. If you want to get your car customized, you can do so in your own time and at your discretion, and of course, you will be able to save more. Plus, with a used vehicle, you will have lower insurance premiums, which translates to more savings.