There used to be a stigma against purchasing a used car. But, with car manufactures producing similar cars every year and research technology, buying a used car is a smarter decision for the average person. Continue below to learn about the benefits of buying a used car!
1.) Cheaper sale price
The first, and most obvious, benefit of purchasing a used car is the cheaper sale price. Used cars typically retail somewhere around half of the original cost of a new car. That means a new car that retails at $30,000 could easily sell for around $15,000 a few years later. Just think of everything you can do and save for with the extra $15,000. And don’t forget about the significantly low depreciation value of a used car. If you want to sell the same used car you purchased for $15,000, you could easily sell it for around $10,000 within a few years.
2.) Lower insurance costs
You might be surprised to learn that insurance costs are significantly lower for used car owners. But, when you break it down it makes sense. Car insurance costs are determined on the overall value of a car. Thus, a used car has a lower value than a new car. So, insurance costs for used cars are significantly cheaper than for new cars. Another perk of owning a used car is if the car is a certain age, you won’t have to worry about purchasing collision and theft insurance.
3.) Smaller registration fees (not in BC)
While not applicable in BC, in some places, registration fees are usually dependent upon the price the car sold for. Since used cars sell cheaper than new cars, you can expect to pay a smaller registration fee. To put this in perspective, a new car that sold for $30,000 will have a registration fee around $300. While $300 may not seem like a lot of money when you just purchase a car for $30,000, that $300 could be used towards something fun, like a vacation.
4.) Just as good as new
The main concern for people who are looking to purchase a used car seems to be purchasing a lemon. If you’re unfamiliar with what a lemon is, it is a car that has many problems that seem to be unfixable. Lemons require a lot of effort, time, and money. After all, the main reason why people purchase a used car is to avoid high costs. But, being afraid of purchasing a lemon shouldn’t stop you from purchasing a used car.
The reality is: lemons are extremely rare, especially if you purchase a used car from a dealership, such as Howie’s Car Corral. And if you happen to purchase a lemon, there are laws that can help you. But, most used cars are as good as new. Sure, a used car might be a few years old and have a few minor scratches. But, is the newest touchscreen technology and perfect exterior really worth an extra $15,000?
5.) Wide variety
The best part about purchasing a used car is the variety you have for your price range. You can easily find used luxury cars among common Jeep and Ford vehicles. Also, you can purchase a specific car model car manufacturers may not make anymore.