Millions of people around the world desire to become car owners. This is because it comes with a lot of conveniences in the day-to-day life in the modern world. However, it is a decision that comes with a significant amount of money and it is very important that before one chooses to do so, they must have very clear reasons on how they’re going to get the finances. Amongst the decisions that they will be making is whether to buy a new or a used car. Of course, there are reasons for buying a new or used car. However, it seems that buying a used car is more economical in sound than just settling for a brand new car from the dealership. Here is a look at some of the reasons why it may be a good decision to buy a used car instead of a new car.
Car depreciation is a fact that nobody can run away from. When you buy a new car, the rate of depreciation is so high that within the first five years, it’ll have lost half of its value. It means that when buying a new car you will be like losing half of the money you spent within the first five years. However, after the first five years, the rate of depreciation significantly goes down and this implies that buying a used car will come with a low rate of depreciation and this will ensure that you get good value for your money. Therefore if you are conscious about the depreciation of your car and you don’t want to lose a lot of money simply because of the depreciation factor, then you have every reason to for a used car.
Brand new cars can sometimes be very expensive depending on the make and model as well as when you are buying it. In as much as it comes to a lot of prestige and conveniences and it’ll also go a long way in saving you a lot of time and money when it comes to care and maintenance. You will not have to make constant trips to the mechanic because of regular breakdowns. However, new cars are not available with the lower price tags. You will have to cough a significant amount of money to be the proud owner of a new car. But this is never the case with used cars. They are relatively cheap and if you take your time to do the searching, you can find one in still very good condition and which will serve you for very many years to come.
Some buyers have also opted for a loan to get the used car that they’ve always wanted. That’s another option if you want to divide the one-time burden into months or years, apply for a loan, but remember that it’s still a subject to a possible repossession if you behind on payments often. Thus, in case, just in case your car is repossessed in the future, try to have it removed. You can ask experts to learn how you can remove the repossession off your credit report.
Used cars are reliable
Reliability is a great issue when buying a car simply because you want a car can rely on to meet your needs. The new cars are also reliable, but major breakdowns can sometimes occur simply because they have not been tested on the roads under conditions that you’ll be using them. However, this is not really a concern with used cars. This is because they have in the road for a while and their reliability has been proven especially given that you can get the vehicle history report so that you have a pretty good idea of the kind of car you will be purchasing. This is one of the reasons why people love going for Honda used cars instead of the brand new Hondas. With a used Honda, you will be assured of exactly what you can expect when it comes to performance, and you will not worry about whether or not it will serve you as you want. It gives you the confidence to make the purchase boldly knowing that you will have the best out of the car.
Wide variety to choose from
The other beauty of buying a used car instead of new cars is that there is a wide range of cars for you to choose from. The make and the models vary significantly and this gives you a lot of room to choose exactly the kind of guy you’d like to buy. This is unlike with new cars where the cars may be limited to specific models and specific years of manufacture thus limiting your ability to move around and choose a car that would fit your budget. Therefore, if you desire to own just any type of car, then you’ll be better off going for a used car instead of trying to shoot for the brand new cars.
Lower insurance rates
Not so many people ever think about insurance rates when planning to buy a car. However, this is a significant cost that comes with car ownership and if you don’t plan for it in time, then you may end up spending a lot of money just to be a car owner. New cars, because they’re still new, they tend have very high rates of insurance and as a result, you will end up in a lot of money to have your car insured. However, with used cars, the insurance is relatively low and you will not feel a heavy pinch when making the payments. Therefore, if you care about the amount of money you pay for insurance, then you have every reason to go for new cars every time instead of paying for the brand new cars that will come with significantly higher insurance rates.
Reduced Registration Fees
Just like with insurance, the registration fee for new cars is very high compared to registration fees for used cars. It should be noted that registration fees will be considered as part of the car ownership cost and it means that if you’ll be paying for registration then you will be paying high for the overall cost of the car. Used cars come with slightly lower registration fees and it means that the overall money you’ll spend in owning the car will be less compared to the amount of money you’ll spend on a brand new car. Again, for this reason, it is a good idea to go for a used car instead of buying a brand new car.