When it comes time to replace a vehicle, many people are torn between purchasing a a brand new car or a used car. Some people have a negative view of used cars, imagining that they are old clunkers with too many miles on them. But in reality, purchasing a used car can be a truly excellent value. The top reasons for buying a used car include:
Obviously, a used car is going to cost less than a new car. For families on a budget, the savings between a brand new car and a used car that is just a few years old can be substantial. When you buy a used vehicle that is just a few years old, you get the best of both worlds: you can find cars that still have low mileage, but you end up paying a fraction of the cost that this year's model would run you.
A brand new car may sound nice, but cars depreciate in value quickly. On average, a brand new car can lose 25% of its value within the first year of owning it. While you may enjoy driving a new car, you probably won't like making high car payments on a used car that is only worth 75% of what you bought it for the year before. If you want to be smart with your money, consider looking into a used car that is 1 to 3 years old; you will still be getting a vehicle that is in good condition, but you won't have to worry about the immediate depreciation after paying a lot of money for a brand new car.
Lower Insurance Rates
When it comes to auto insurance, your premiums are based on your driving record, as well as the type of car that you drive. One thing that insurance companies look at is how much it would cost them to replace your vehicle in the case of a total loss. A brand new car costs more than a used car, so you will likely end up paying more for your auto insurance policy if you are driving a brand new car.
If you are willing to buy a used car, you may want to talk to a place like Grey Chevrolet Inc for more information. Used car lots often have a wider selection of options available. Auto makers make changes to the models each year, with some new models being well received, with others being considered duds. Purchasing a model that is a few years old will allow you to do further research into which cars are highly rated by consumers, while also finding a make and model that fits your budget and has the features that you are looking for.Share
8 May 2015