You’ve noticed a sleek new car. You are drawn into the dealership by the television ads. Do you really need a new car? There are lots of bells and whistles, and there is a great financing option, but what are your other options? Buy a used car! Buying a used vehicle has many advantages, and this is a shameless self-promotion to urge you to check out our Used Car Checklist. Used cars are less expensive, are just as reliable as new ones, and they can provide you with years of quality service.
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1. Used cars save you money
Used cars are almost 50% cheaper than new ones on average! Used car financing will save you money by allowing you to pay off a car faster. A consumer switches cars on average every six years , so if you bought a used car for $10,000 instead of a new one for $20,000, you could choose a nicer car for your next vehicle or buy another $10,000 vehicle, creating your very own two for one deal.
2. Depreciation in bulk has already occurred
The depreciation of a new car starts as soon as the buyer drives it off the lot. New cars can lose 11% of their value on the drive home, meaning your $20,000 vehicle is worth only $17,800 when it leaves the lot. With each passing week, month, and year, the vehicle continues to depreciate. Most depreciation has been experienced by used vehicles. In some cases, used vehicles will even appreciate! Edwards has provided a useful “True Cost to Own” tool which shows how much a car will really cost to own and the rate at which it will depreciate.
3. No Exaggerated Fees
While a new car deal might look great at first glance, there are many hidden or crazy fees with new vehicles such as shipping costs, destination fees, and “dealer preparation.” Some dealers even charge $1,000 for hidden advertising fees! There are generally no hidden fees with a used car, however a “doc fee” may be charged, which can be several hundred dollars.
4. Lower costs for customising
If you buy a used car, you don’t have to pay for dealer add-ons. If you buy a used car, you can install it yourself for a lower cost. Buying a used car was a great way to save money.
5. Fully inspected and certified
Buying a Certified Pre-Owned car ensures used car buyers they’re getting an inspected, quality vehicle that’s also a bargain. A Certified Pre-Owned vehicle has been inspected, refurbished, and certified by the manufacturer or other certifying authority to ensure quality. There are often extended warranties, special financing and other benefits associated with certified pre-owned vehicles. The main benefit of a new car is that it is new.
Part of the original warranty may still be attached to some used cars. Used cars with new warranties are also available. When you extend the manufacturer’s warranty on a used car, you’ll receive quality parts andquick service from factory trained technicians. A warranty that covers everything until 100,000 miles is included in your savings from not buying a new car. How often does that happen?
7. Lower insurance rates
If you are in an accident with your new car, the insurance company will pay for the value of the car at the time of the accident, leaving a gap between the price of the car and its value. That’s why gap coverage is important. Insuring the gap between what you paid for a new vehicle and its depreciated value will increase your insurance premiums. The depreciation of a used car doesn’t necessitate gap insurance.
8. Environmentally friendly
Approximately one-quarter of the carbon dioxide emitted by a vehicle occurs during manufacturing and delivery. The emissions of carbon dioxide are reduced when you buy a used car. The impact of used cars on the environment is also lower than that of newer hybrid cars. Because hybrid vehicles use lithium-ion, lead-acid, and nickel-metal hydride batteries, they are much more environmentally damaging than a used car since batteries and acid create toxic waste.
9. Reduced registration fees
Annual registration fees are calculated based on your car’s value and model year in most states. After five years, the rate generally levels off. By buying a car that’s at least three years old, you can avoid new and annual registration fees.