Buying a car is an important purchase. Most people wonder if it is better to buy a used car or a brand new car. That is because of the high cost-benefit ratio with used cars. It is recommended that a used car is a better choice if it’s your first time buying a car.
The used-car market is only growing by the day, so you have ample choices in front of you. Here are some of the top 10 reasons why you should buy a used car.
- Save more money
It goes without saying that buying a new car can save you a lot of money. Maybe you have a family to take care of or other bills to pay. If you buy a used car at a lower price, then you can definitely save extra money for other expenditures.
You should know for a fact that a new car loses 20% of its value the moment they are driven off the lot. To add to that, most cars will lose 10% of their value in the first year itself. Therefore, buying a new car as an investment may not be a good idea.
Though cars these days last longer, they lose most of their value in their early lifespan. Also, the depreciation value differs with every car. While depreciation may hitless on some cars, most cars lose 50% of their value in the first three-years.
Therefore, if you can get hold of a one-year-old or a two-year-old used car, it will be very profitable for you.
- Reduced insurance costs
Your insurance rate will depend on the value of your car. Since a used car has lesser value than a newer version, you can cut down on the insurance costs. You can even drop some insurance elements, such as theft or collision in the case of used cars. Therefore, you get to save more money, even there.
- Cheaper registration fees
Car registration fees vary from one state to the other. Some states may charge the same registration fees for both old and new cars. They may charge according to the horsepower, weight, and model of the car. But, most of the states charge fees according to how old the car is. Therefore, you will have to pay cheap registration fees if you buy a used car.
- More money for more cars
Buying used cars becomes more fun when you can buy more than one within your budget. You may have a low budget that may give you just an entry-level new car. But, that budget may enable you to buy not just one but maybe two cars even. Also, you may be able to afford a significantly fancy car with your budget when you buy a used car.
- Peace of mind
Buying used cars these days isn’t the same as before. Today, almost all manufacturers provide some version of Certified Pre-owned programs, thus making used cars a smart buy for many. This certification from the manufacturer guarantees that the car meets the company’s established standards. They come with some level of warranty from the manufacturer and are similar to buying new cars.
The variety of cars you will find in the used- car market is unmatched. You may want a car that isn’t manufactured anymore, but the chances are that you will find it in the used-car market. Online sites like ZeMotor will give you a huge inventory of pre-owned cars in the country.
- Helpful aftermarket communities
One of the best parts about buying used cars is the aftermarket communities that are always ready to help. You can read reviews by people or questions being answered about used cars on ZeMotor and other similar platforms. The solution to most of the common problems faced by used cars is found online.
- Vehicle history reports
The history report of used cars can say a lot about the condition of the car. There are companies like AutoCheck that keep track of the car and delivers a history report about it. These companies give accurate information if the car had an accident, or if the owner has changed, and so on. However, these incidents have to be properly reported on time. A used car vehicle history report can save you from buying a bad car.