The feeling of getting your first car is overwhelming. If you are a car enthusiast, you probably had already made up your mind for the right car. But for others, it is mainly a choice between Buying a New Car or a Used Car. Car Insurance has made purchasing a car lot earlier and thus, you can easily get your hands on your favorite new or used car with flexible APRs (Interest Rate) and payment option. The question is why buy a used Car?
A quick calculation between a Used Car and a New Car with a number of factors such as Finance, Interest, Insurance, Cost of Car, Maintenance, etc. when taken into consideration, the difference in the pay cost be a hefty 18% which is a lot.
We have listed a few reasons on Why to Buy a Used Car that will help you make up your mind.
Depreciation in the value
- According to the data, a car driven off the showroom could lose somewhere between 20% and 30% in the first year itself. The resale value of your car dips every year, which is not constant. To put things into perspective, the value of new car loses much quicker than a used car after 5 years of usage, thus, making a Used Car much economical and into the budget of lower and middle classes of people in the society.
Lower Insurance Cost
- Your Insurance Company will dictate the monthly cost of insurance based on make, model and year of your car. It means a new car will bear the higher Insurance cost whereas a Used Car will get lesser insurance cost of cover its damages.
Avoid Hidden Problems with Pre-Servicing
- A used car might bore loss if not well assessed. There are many service centers and Car Checking points where you can take the Used Car which you intend to purchase and can it thoroughly checked. Upon mutual consent, you can even get a few bucks off the cost of buying the car if you observe any problem. Moreover, getting it checked before purchase is more economical.
Ensure High Resale Value
- After a point, the depreciation in the cost of a used car becomes more steady which makes resale much profitable, unlike New Cars which tend to lose more than 30 years of cost in the first few years and continue to decline until it reaches half the cost.
Drive your hearts out
- Driving a new car definitely has its share of perks, however, you cannot deny the fear of getting that little scratch or dent on the bonnet or the doors. Not the case with a Used Car. Now with a used car, you can drive freely without getting caught in an awkward situation of getting a dent. Also, getting a paint job done along with corrections to the dents isn’t difficult at all for a used car.