The Advantages to Buying a Used Car

the advantages to buying a used car

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  • With the volume of advertising, it’s very easy to get excited by a commercial for a brand new shiny car and decide that is the route you want to take for your next vehicle.

    However, there are many advantages to consider that could lead you to decide buying a used vehicle is right for you.

    A Used Car Saves Money

    The most obvious benefit to purchasing a used vehicle is that you save money during the initial purchasing process. Since the car has a used status, it will inevitably come with a lower up-front cost.

    This is something you will definitely be able to pay off far faster than if you were making payments on a new car. For what it would cost to buy one new car, it is likely you could spend that same money on a used car and have enough leftover that you could trade finishing paying off far faster than the new car.

    One of the pricier areas of a used car could be what it might cost to keep up with maintenance, but this can also work to your advantage as you can haggle the asking price to a lower amount.

    What money you end up saving could then definitely be put towards fixing up whatever problems the car might have.

    Keep in mind that this works best when the problems are relatively minor, as there is the possibility of buying and then being stuck with a car that is beyond salvageable.

    No Dealer Fees

    Buying a new car comes with "hidden" fees or dealer fees that can run up the price quickly from the one you see on the windshield. These can include dealer preparation costs, shopping costs, and don’t forget part of the price you are paying comes from all the money the dealer initially spent to advertise for the dealership.

    Better Deals on Insurance

    There is a thing called gap insurance that comes into play if a new car is in an accident. As soon s you drive a new car off the lot, the price depreciates greatly, meaning that even if you bought the car yesterday and got into an accident today, your insurance won’t cover the full cost you paid yesterday.

    Potential Existing Warranty

    It is very likely that the used car you are looking at may still be covered partially under the initial warranty. Most people buy new cars with an extended manufacturer’s warranty, meaning you will benefit as a used-car buyer’s original purchase of that warranty.

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    No Fast Depreciation

    As mentioned above, new cars depreciate immediately after purchase. That depreciation for a new car continues to happen after the first week, first month, and the first year. This rapid depreciation doesn’t happen with used cars, giving you a better value for such a major purchase.

    Buying a used car is an excellent option that gives you savings, both upfront at the time of purchase and in the long run. The best thing you can do before buying a new or used car is to do your research.

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