Top Benefits of Purchasing a Used Car
After your home, your car may be the most expensive thing you have ever purchased. Everyone loves nice, stylish cars, but it is often very difficult to manage the finances with expensive cars. Therefore, many persons like to purchase a used (slightly!) car. Some people consider new car unnecessary expense, and so they consider used car a better option.
It is not just the cost that makes a brand-new vehicle a depreciating asset. The associated fees, subsequent costs and loss in value add up to significant cost over the first few years of a new car ownership. Considerable car loan in Baton Rouge adds up to this fact.
However, cars that have been used for a few years help you save plenty of cash without sacrificing quality. In fact, you can always find a better vehicle when you switch to used car category instead of new one.
If you are still confused about whether you should buy a used car or not, here is a list of advantages that come with used vehicles.
It is not a secret that cars lose a considerable portion of their value immediately. Some new cars lose up to 40% of their value during the first year after purchase. A vehicle continues depreciating as months, and years pass by. It is true that why used cars are a better bargain and will always be so. When you buy a used car, it is one to three years old; it is still depreciating, but you lose less money in a lower speed. The second buyer of a vehicle is always a better saver of money. In addition, there is also more mental peace is involved with a used car as you don’t need to worry about a dent or rock chip in the paint. When a vehicle depreciates quickly, it increases the need for GAP coverage (optional insurance coverage to cover the gap in the amount of your loan and the actual value of a vehicle). It is another added expense.
It feels nice to ride in a car that is brand new, and no one has ever owned before. But after a few months, this feeling vanishes, especially if you have paid an expensive price for the car. Brand new car doesn’t come in cheaper price tag. Though the interest rates on new cars may be slightly lower than used cars; in most cases, you end up paying a smaller bill by purchasing a used vehicle.
Used cars are more lucrative offers when your budget is tight, and you cannot compromise with features.
New car fees
Whether you are buying new or used cars, you are going to pay multiple additional costs, like taxes, DMV fees. No matter what is the condition of the vehicle, you can find random charges, like processing, advertising fees which can stretch you cost price to hundreds of dollars. However, if you buy a used car, you can avoid some of these random fees.
In many states, the rate of annual registration fee is based on the value and model year of a car. In some cases, registration fee significantly falls during the first few years after the manufacturing of a car. And the rate remains highest for the first three years or so, and then decline after a few years. Under similar conditions, you can save up to a thousand dollars by purchasing a slightly old car and avoiding new car registration fees.
If you are purchasing a used car lenders in Baton Rouge from a reliable and well-known dealer, you get a good quality along with a thoroughly inspected car. Though you own a used car, your vehicle is sold after it has been inspected, refurbished and certified by the manufacturer and other certifying authority. All these factors assure than you grab a good bargain. In addition, certified pre-owned cars often come with an extended warranty, especially financing and other benefits.
Nowadays, cars are built to last for a minimum a thousand miles. It means you don’t have to sacrifice reliability and overall condition in order to get a lucrative deal on a used car. You can own a used car which is dent free, scratch free and is in excellent shape and frame. If you are even slightly knowledgeable about cars, you can find a used one that is ‘like new’ condition.
New cars smell great! But is it worth the price you are paying? Perhaps, not! Look at the sale price and associated cost that comes with it, you will get a better idea of how much you are actually going to pay, just for the privileged owner of a new car. Purchasing a new car comes with a lot of research, but for the long-term cost, it is worth every penny.
Whether it is new or used, share your experience of car buying.