There are various reasons why the used vehicle market is booming – and a lot of consumers seem to opt more for used cars than new in today’s economy. The thing is, with used cars, you can avail of plenty of benefits, including savings on price, less depreciation, more features, and other invaluable advantages as well. And the used car market gives you plenty of choices as well – if you opt for used, you may very well be able to afford that dream car you have been thinking about for years rather than just settling for an economical new car model. So what else should you know about the advantages of opting for used instead of new vehicles? Here are the top reasons why buying a used vehicle is better than buying new.
- No worries about depreciation
This is certainly a fact: new vehicles will depreciate much faster during their first year alone compared to the second year, the third year, and so on combined. Even if you purchase a vehicle that’s around two to three years old, its depreciation will still be a lot less than the depreciation a vehicle experiences during its first year. Many vehicle owners are understandably concerned about depreciation for the simple reason that buying a car can cost a lot – you aren’t just purchasing the vehicle itself, you also have to contend with the rate of interest, the loan terms, the insurance, the taxes, the registration fees, and so on. It’s, therefore, better to make sure that your purchase gives you more value, and you can only get this with a used vehicle.
- Cheaper insurance
Whilst it’s true the safety features which come with new vehicles may bring down your insurance premiums, the market value of new vehicles means that their insurance premiums will still be higher than used vehicles. As mentioned, the overall cost of a vehicle doesn’t just include the vehicle itself – you also have to think about insurance and all other related expenses, so if you want to be wise with your money, it’s best to go for used.
- More options
Buying used vehicles gives you a lot more options and choices as well. There are various sources of used cars, and nowadays, you can even browse through used car collections online, such as the used car sales Colchester collection of Clearwater Automotive. Your choices with used vehicles are much more varied, and you can also do more research on the used vehicles you are interested in based on customer reviews and feedback. When you have this kind of information, there is less likelihood of you making an ill-advised purchase.
When you buy a used car, depending on its make and model, you may also be able to benefit from warranties. Some used vehicles may still have a portion of their original warranty, and other used vehicles may give you the option of acquiring a new warranty. Aside from this, think about the registration fee as well as taxes that come with used vehicles, which will undoubtedly be cheaper than a new model.