Buying a car is a serious and costly purchase, which is why you must take your time and do a thorough research before you decide what car to buy. Price, specifications, car payment and insurance processes are among the many things you need to consider before buying a car. When looking for a vehicle purchase, many individuals are normally confronted with the problem of purchasing a used one versus a brand new one. Often brand new cars are always the option, but there are important benefits of buying a used car, for example, price, maintenance and insurance, which needs to be considered by anyone who believes that new vehicles are the better alternative.
The major and most evident benefit of selecting a used car over a new one is the reduced price tag. If you choose to buy a used car then you will find very good versions of used cars with great performances, in a very low cost. For instance, you could purchase a used sports car that cost more than $80,000 a few years back, as it was brand new, for as little as $40,000. That is because new cars lose their value the moment they leave the dealership.
Discussing about depreciation, used cars are not influenced by it as brand new ones are. The value of new cars depreciate during the first two or three years. If you purchase a used car, you do not need to think about it losing a lot of its worth, because it already depreciated a great deal when it was initially marketed as a brand new car. This way when you decide to sell the used car after a couple of years, you’ll be able to sell it at a pretty similar price.
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Low registration fee is another reason why you need to consider purchasing a used car. Cars that are more than five years old are charged less at DMV’s during registration this way you can be able to save a few thousand dollars a year. Additionally, used cars are not subject to sales tax, which, for brand new cars, is up to 7% of their purchase price.
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Lastly, used cars insurance is much more cheap compared to brand new cars insurance. This is because a brand new car is more expensive and has a greater value, and it costs more to replace components and fix it if it gets damaged in a collision.
In conclusion, owning a new car does have plenty of obvious advantages, but possessing a used car has its own benefits, also, and you need to think about this option before making your final choice.