Reasons to Buy a Used Car Instead of Buying New

When you imagine a used car, you may think of an old clunker that a student might drive to and from school. However, this is not the case for all used cars. Used cars can come in all colours, models, and amounts of time spent on the road. There are often as many used luxury cars to choose from as there are standard ones. There are also many benefits to buying used instead of new, which may change your mind about how you think about used cars in general. Here are the top reasons why you should buy a used car instead of buying new.

Cut Costs

While it may sound like the better option, buying a brand new car can be a lot less desirable when you consider that the value of most cars drop significantly within the first year of use. This means that you can get a car, that is under a year old and used, for a much lower price. When you consider that a car that is under a year old is virtually new, buying used sounds like a much better idea.

Lots to Choose From

If you’re looking for a specific model or colour, a used car may be the way to go. This is especially the case if you’re looking for a model that’s older, has been discontinued, has specialty or custom features, and much more. There is often a lot more to choose from, and a wider range of variety, when you choose to buy used. Whether you’re looking for an old BMW for sale or something a little more simple, you’ll have a lot of options.

Depreciation

New cars lose a lot of value when they are bought, even before any wear and tear occurs. Cars can actually lose anywhere from 10% to 40% of their value within the first year of driving. However, when you buy a used car, you won’t suffer the same hit if you go to turn around and sell your car to someone else. Which is a great benefit for getting your money’s worth out of your car.

Better Insurance Rates

For a new car, insurance rates can be incredibly high. This is because the cost of damage replacement and repair is often exponentially higher. With a used car, you can often cut your insurance rates drastically, saving you money and keeping you safe at the same time. No matter which vehicle you decide on, you may want to do some insurance rate research beforehand, so that you know what to look for and what kind of rates you’ll be managing.

Potentially Avoid New Car Fees

Most of the time, there are a lot of additional fees to pay when you buy a car brand new and unused. Once these fees are paid by the previous owner, you can often avoid paying fees yourself by buying used instead. You could save yourself hundreds or more in taxes, processing fees, and DMV costs if you buy used.

All of these reasons, and more, are grounds to consider buying a used vehicle, rather than a new one.