The Benefits of Buying a Used Car
Going used is more and more fashionable these days because many people are increasingly environmentally conscious. This means that ostentatious spending on a new car is becoming less impressive and less of a status symbol. Not only this, but opting for a used car can save you money in different ways. There are many advantages to buying a used car which make it more cost-effective and there are other benefits as well.
New cars are affected dramatically by what is known as depreciation. This means that unfortunately they decrease in value as soon as you drive them away, by roughly 11%. This depreciation snowballs quickly in the next few years. You won’t be able to get a sale price for anywhere near what you originally spent on the vehicle. With used cars, this depreciation has already occurred making them a much more valuable investment. Used cars tend to cost half the price of what the model would cost new anyway. People on average replace their cars every six years so it’s important to take this into account.
As well as the initial price of the vehicle, you can also save on other costs. There don’t tend to be so many hidden costs with used cars like shipping, admin or dealership preparation charges. It will also be cheaper to customize your car, if you want to make any changes, you can go second-hand more easily. Your annual registration fees will be lower because this is based on your car’s value and its model year, so ergo if it’s cheaper and older, you’ll pay less.
You will also be able to get cheap auto insurance with a used car. One of the reasons for this is because you don’t need to pay gap insurance which is worked out based on the difference between the original price and the value after depreciation. As said before, the depreciation in used cars has already occurred.
Used cars legally have to come fully certified and inspected. This means that the seller will have to prove to you with a full inspection and history record the condition of the vehicle. Any maintenance will have been carried out before the car was put on the market, so it’s essentially as good as new. Used cars also come with warranties either the original or new. You can invest the money you saved from not buying a new car to setting up a new warranty that covers everything for a lot more mileage.
Going used is a way to reduce emissions caused by manufacturing and shipping. It is also a form of recycling which reduces waste. Often used cars are more environmentally sound than some hybrid cars as they produce less toxic waste from their batteries. In general cars produced nowadays are much more energy-efficient and durable so you will be getting something as reliable as a new car. For more ways to become a more environmentally friendly driver, click here.