When the time comes to purchase a car, motorists often grapple with the decision of whether to buy new or used. Ultimately, this will come down to your circumstances and personal preference, but there are many advantages of buying used and it is important to be aware of what these are when making a decision.
Cheaper to Buy
The most obvious advantage is that a used car is much cheaper to buy. New cars are expensive and lose a huge amount of value in the first few years, so you are saving a lot of money by buying used as well as avoiding the biggest depreciation hit. This also means that you can get more for your money when you buy used.
Lower Insurance Rates
Following on from this, used cars are also cheaper to insure and this is another major pulling factor (particularly for new/young motorists). New cars are worth more than used vehicles, which means that they will be more expensive to replace and are, therefore, more expensive to insure.
Avoid Hidden Fees
Anyone that has purchased a new car before knows that you end up paying a lot more than what is on the price tag. Dealer preparation, destination fees and shipping costs can suddenly make what seemed like a great deal much more expensive and this can be frustrating as a motorist.
Better for the Environment
It is true that many newer cars are more efficient and eco-friendly vehicles, but you must also consider that when you buy used, you are buying a car that already has emissions produced. A new car will be new to the market and, therefore, will be making new harmful emissions that you would be responsible for.
Lower Annual Registration Fees
Annual registration fees are based on the model year and value, which means that you are paying the most for registration in the first few years of the cars lifetime. By purchasing a used car, it will be much cheaper to register and this is another important financial benefit to be aware of.
The used car market is vast, which means that you get a much bigger selection and it is not usually too hard to find a suitable car that ticks all of the boxes and is within your budget. When browsing the market, it is a good idea to shop only at reliable and experienced used car dealerships and to avoid private sellers.
These are 6 of the main advantages of buying a used car. As you can see, it clearly makes a lot of financial sense to buy second hand, plus you will find that you can get a greater selection and more for your money.