3 months ago

Why is it Smart to Buy a Used Car

Maybe you’ve heard

Maybe you’ve heard this several times before, “Buying a used car is a mistake.” However, that is no longer the case. There is a growing market for pre-owned cars and, nowadays, you can easily find a reputable dealership that can offer you a good deal on a reliable vehicle. When you think about it, cars today are well made and last a whole lot longer than they used to. So, if your goal is to spend less, it makes perfect sense to invest in a high-quality used car. Here are several reasons buying a used vehicle can be a better option for you. Save a lot of money Having a car is a necessity. But, if your family is on a budget, then buying a used car is a great way to save money. It’s also a good way to strike a balance between spending less and having your own car. You can easily keep hundreds of dollars when you buy a second-hand one. So, it’s a win-win for both you and your wallet. Minimize depreciation Many auto industry pundits suggest that the value of a new car decreases by 20 percent as soon as you drive it off the lot and it continues to do so by another 10 percent over the first year of ownership. So, if you do the math, you’re paying roughly 30 percent more than if you bought a used car. Now, when you buy a used car, the original owner would be taking that 30 percent depreciation for you. And, if you’re lucky, you can find an excellent, two-year-old vehicle and end up paying less than half of its brand-new price, and still be able to drive it for many years.

Reliability Compared to vehicles manufactured in the past, today’s cars, SUVs, and trucks, are more reliable and built to last longer than ever. In fact, data provided by IHS Markit claims that the age of vehicles on American roads increased to 11.6 years in 2016 compared to 11.5 from the previous year. So, aside from the huge savings, you can also expect your used ride to serve you longer and, in turn, get more value for the money. Access to vehicle history Before you even shell out a single dollar, you can access the history of the used vehicle you are planning to buy. You can quickly get a vehicle history report through online providers, such as Personal Property Securities Register (PPSR) or RACQ. Just get the car’s vehicle identification number (VIN) and use it to generate important details like the number of previous owners, registration status, repair history, and mileage among others. Lower insurance costs The price of a car is one of the crucial factors in determining how much your car insurance will cost. Because a pre-owned vehicle has a lower value than a new one, the cost of insurance should be significantly lower as well.

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