Has anyone ever told you that you should buy a used car? If not, then we are here to tell you that there are some exponential benefits to buying a used car. Here are some of them that could make you want to buy a used car rather than spending your cash on brand-new cars.
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Nonetheless, here are the benefits of getting a used car.
Less Expense
You already know that a used car will cost you less than a brand-new car, which makes the used car more affordable. With that said, if you are looking for a way to save a few thousand dollars, you might want to buy a car model that is from a few years back.
Good Investment
A used car is a great investment. You already know that a new car loses value from the very moment you drive it off the lot. Also, you should know that a new car will keep losing value for the first year of its life. In fact, the value can go down to 40%.
A used car can depreciate, too; however, its rate of depreciation will be much slower than the rate of a brand-new car as it has crossed that one-year level. This aspect indicates that a used car is a better investment than a brand-new car.
A Drop in Insurance Rate
Another reason to get a used car instead of a brand-new one is that it comes with a lower insurance rate. The monthly insurance rate of a used car will be way less than the insurance rate of a new car. So, the lower insurance rate will contribute to the savings aspect of buying a used car.
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Warranty
Another reason why you might want to prefer a used car over a brand-new car is the fact that many used cars come with a factory warranty. Most people who buy a car on lease tend to return the car after a few years while they still have a few years of warranty left.
Also, most pre-owned cars go through a vigorous inspection and include an extended warranty by the time you plan to buy one of them from the lot.
No Hidden Fees
Getting a used car is a better option if you want to avoid hidden fees, as hidden fees can be a common occurrence with new cars, such as the shipping fees that many buyers have to bear as they are buying a brand-new car. The hidden costs might be a few hundred dollars, but they can massively contribute to the overall price of the new car.
So, you can avoid hidden fees by opting for a used car instead.