Why you should buy an old car instead of a new one
Purchasing a car was considered to be a matter of long term investment and a lot of thought was put behind selecting the new model. Undoubtedly, purchasing a car is an important decision to make which does affect your lifestyle to a great extent. However, gone are those days where only new cars were bought. Buying an old car was considered a poor decision and relatively more tiring and expensive in a longer duration of time. Today, there are tons of options available in the market for the used cars as well. Even old cars come in very good condition and can easily run for a long term without any additional maintenance or extra expenses. Read more at 5homestyle.com
From a financial point of view, it is wise to buy an old car instead of a new one if you are getting a better deal for the same model. But the thought process of many customers makes them hesitant to go for an old used car over a brand new one. Here are a few reasons why you should buy an old car instead of a new one:
The best part about buying an old used car is that you do not have to burden yourself with a depreciation hit. The previous owner would have already taken a big depreciation hit on the car. When you are the second owner of the car, you can still easily sell the car after using it for a few years in more or less the same price. Even for taking the car in load, you can find appropriate financing options for the purchase with credit unions or your local bank with a zero percent interest rate. All the new cars lose 20 percent depreciation when they are driven off and an additional ten percent of value in their first year. A total of 30 percent depreciation loss is faced in the initial years of ownership itself. If you are buying a one-year-old used car, you will be able to avoid the hit of depreciation. Read more at activemyhome.com
Certified pre-owned cars
With multiple authorized dealerships and certifications for pre-owned cars today, the process of sale and purchase of old used cars has become more legitimate and authentic. Most of the used cars under authorized dealers are of premium quality and come with a fixed price tag. The previous owners are certified and you can be safe from any kind of scam of bad quality cars with these dealerships. These old cars are even put through exhaustive inspection to ensure the quality and all the marred parts of the car is changed to maintain the new car experience. There are many pre-owned old cars that are cosmetically improved by the dealers and they look as gorgeous as the new models. Now, even an old car can look as good as the new one at a better price. You will not have to worry about reliability and the regular trips to the mechanic if you buy certified pre-owned cars today.
Save the extra insurance cost
As opposed to a brand new car, insurance value for a used old car is relatively less. Since the cost of the car has reduced to the selling price, the insurance will be determined accordingly. In fact, there are many elements of car insurance that you can leave out if you wish to, like theft or collision or external damage and more. Paying car insurance can make a huge impact on your savings. If you are just in your early twenties and you wish to buy a car of your own, you can save a lot of money for insurance and use it somewhere better.
Reducing registration fees
Just like the car insurance, even the registration fee is reduced for a pre-owned car as opposed to the new car. For registration of the car, a certain amount of fee is to be paid. The fees of registration are increased in many states as a measure to generate more revenue for automobiles. The registration fee is also determined based on the car’s transaction price. Therefore, if you purchase a used car, you will be able to save a lot of money on the fees. Purchasing a used car is an effective method of preventing the extra added cost of registration and paying a minimal amount for the same. Read about Arkconsolecommands.com
Another advantage of buying an old used car is the extended warranty. Every new car comes with a couple of years of extended warranty. If you get your hands on a car which is hardly two or three years old. You can easily reap the benefits out of their extended warranty. There are different kinds of extended warranties. One which can cover all the components which are mostly included in all the new cars or the other kinds which include some parts like exteriors or engines and more. While buying an old car, you can check for the extended warranty and if there’s any that will be transferred to you along with the ownership. In the long run, it will be easier for you to face the repairs and maintenance with the extended warranties.
Enjoy the luxury at a minimal price
Finance is always the major and biggest advantage of buying an old car. You might be lusting over a luxury car for a long time. But with your budget, it would be merely impossible to afford a new one. However, you can find an old used car in the same model for a better price which fits your budget. Luxury cars are usually not driven a lot of miles. They do not suffer major wear and tears. Also, there will always be someone selling their used luxury car in order to buy another luxury car.
You can do the same once you are relished with the luxury car. In fact, even after using it for years, you can sell the luxury car at the same price or near to your purchasing price. Most of the expensive cars do not look worn out also. With the authorized dealerships, if you buy a revamped pre-used luxury car from a certified owner, nobody will be able to make out the difference between a brand new one and your pre-owned one.
These were some of the fruitful advantages of buying an old car instead of a new one. Apart from finance being the criteria, you can still fulfill your desires for expensive cars and keep the status symbol intact without letting anybody know about it.