A car nowadays is no longer a thing of luxury but rather an absolute necessity, especially for families. The question would actually be how you can get a lot of car for the least amount of money. While there are a lot of advantages in owning a new car, they are far outweighed by the benefits of buying a well maintained used car. Bear in mind that used in this context are not the decades-old cars that you might be picturing but those that are less than 10 years of age. This is critical because any car who reaches past this age may be troublesome for the new owner. There are literally hundreds of reasons as to why a used car is way better than a brand new car in terms of financial gains but here are some of the most practical and common sense reasons.
It Costs Considerably Less
According to financial experts, getting a brand new car on a loan is one of the most damaging things one can do to their financial well-being. It could be an exaggeration but then again, a closer look may reveal that there is truth to this. Perhaps the number one reason why a used car is way cheaper is that of depreciation. Depreciation happens as soon as the car is driven off the lot. Cars will shed off as much as fifty to seventy percent off their original price just a year later. This is the number one reason why you can save a ton of money by buying a second-hand car.
Insurance Costs Less
Brand new cars cost a lot more to insure because of what is referred to as the gap insurance. This simply means that you need to pay that extra premium in case something happens to it while your payments are less than the total value of the car. This is something that most people need to pay extra for.
Wider Availability
Used car dealership almost numbers the same as the brand new car dealerships anywhere. This is a double-edged situation where it could be advantageous or intimidating to some. The sheer number of choices may prove a bit overwhelming when choosing where to purchase your used car. In this scenario, the internet is your friend. Start a local search first, let us say you are in Apex, start with searching for used cars in apex and choices will be narrowed down just in that area, considerably narrowing down your pool of choices.
CPO or Certified Pre-owned
Another very appealing side to buying a used car is the emergence of what is known as the CPO or a certified pre-owned car. Buying an old car before is very risky what with not knowing how the car is maintained by its previous owner. Nowadays used cars are certified by legitimate technicians that give used cars warranties much like a newer one. CPO programs put warranties on used cars just like new cars, putting a premium on your peace of mind. Granted this would cost a little bit than a run of the mill used car but it would still be considerably cheaper than buying brand new.
Final Word
This is definitely one way to save on money when you really cannot do without a car. Ultimately, you will need to balance what the car is worth for your convenience, which is a priceless commodity.
