Whether you’re solely looking at used car listings or the current television commercial has you set on a brand-new model, each route has advantages and disadvantages. To help you decide, we’ve produced a list of ten reasons to buy a used automobile.
Buying a new car as an investment is a lousy idea, with a few notable exceptions. Cars are living longer and longer, yet the majority of their worth is lost early in their lives. While certain models fare better than others in terms of depreciation, most buyers can expect a new automobile to lose up to 50% of its value within three years of purchase.
- You Get a Better Car for Your Money
This is where buying a used automobile vs. budgeting for a new one may be a lot more enjoyable. Your hard-earned money will go a lot further in the used automobile market than it would if you bought new, thanks to that pesky depreciation. On the new market, your budget may only allow you to purchase a base trim or entry-level vehicle, but if you shop used, the same money can buy you something much more luxurious and well-equipped.
- Options for CPOs
For many buyers, a guarantee that protects them from a vehicle’s flaws is well worth the extra money they pay for a new automobile. Today, virtually all carmakers provide some form of Certified Pre-Owned (CPO) program, making buying a used automobile a lot less stressful experience. CPO programs vary by manufacturer, and there’s a big difference between factory certified and dealership certified, with the former nearly usually providing a better price.
Although 350 models may appear to be a large number, it pales in comparison to the number of models available on the used-car market. We all have different tastes, and it’s possible that the car you want is no longer available. Fortunately, the secondhand market has you covered. Check out used luxury car dealer and know more used car varieties.
- Reduced Insurance Premiums
When setting rates, your insurance company looks at the worth of your car as the most important factor. That makes sense; the more valuable a car is, the more money they’ll have to pay in the event of a collision. It’s understandable that insuring an old BMW will be less expensive than insuring a new BMW, and it all comes down to depreciation. An insurance provider, on the other hand, will notice the difference between your 3-year-old BMW and a brand-new one.
- Automobiles are now lasting longer.
There’s a reason why 5-digit odometers are no longer sold. Many used-car skeptics should be soothed by the choice of a CPO warranty, but the presence of these CPO programs lends credence to a decidedly convenient truth: cars are lasting longer than ever. Although 200,000 miles may not be the new 100,000 in terms of mileage, automakers have made significant progress. Used-car buyers should still have their possible acquisitions inspected by a mechanic, although many concerns about a vehicle’s remaining lifespan are unfounded.