Buying a car is a big investment which makes it important to take a little time and do detailed research. There are a lot of factors to consider for car purchase such as car specifications, performance, mileage, engine and much more. Buying a used car over a new one saves a lot of money and keeps economies intact. There are many reasons why you can consider buying used cars. Some of them are as follows.
Cheaper To Buy
The primary reason why most people choose to purchase a used car is the fact that they are simply cheaper to buy than a new car. Whether buying from a used car dealership, from an online auction website or a friend who lives around the corner, nine times out of ten it will be cheaper to purchase a second-hand car. The reason behind this is the same as with any second-hand item around the world, it has been used and is now unwanted, lowering its value. While it may not be a suitable car for its sellers, chances are it will be more than appropriate for a lot of people.
Do Not Lose Their Value
All new cars, regardless of their make, model or price tag depreciate continuously. As soon as a new car is driven off the forecourt of the garage, it begins to lose its value instantly. This loss of value is not minimal either; most cars will lose a minimum of 20 percent of their value in the first year and go on to lose over three times as much over the course of five years.
Lower Insurance Premiums
Unless buying a classic car, a super car or an extremely high valued car, insurance premiums on a used car will almost always be lower than on a new car. This is because the used car is worth less, so therefore the insurer would have less money to pay out should a claim be made because the car is stolen or needs extensive repairs. In must also be noted that to reduce insurance premiums even further, owners of used cars should ensure an alarm and immobilizer are fitted and that the car is parked in a safe place both during the day and at night.
Low registration Fees
Used cars come already registered with the country’s automobile department. Buying a used car requires the new owner to pay very less registration fee which is a fee for name transfer for car owner and its liabilities. Don’t be turned away from buying a used vehicle…they can have just as many perks as buying new. Not only can you finance but you can still enjoy warranties depending on the year. To make sure you get the most out of your purchase, keep up with maintenance and don’t forget to look into the car’s history before you sign any papers!