The process of buying a car is more than walking into a yard, identifying a vehicle, and driving out with your dream car. Before this process, you’ll have to do some exhaustive decision making. You have to decide on the model of the vehicle you want, specific features you’re looking for, color, design, and your budget, to mention but a few. These are the decisions that will influence whether you’ll go for a brand-new or second-hand car.
Unlike popular belief, buying a used car isn’t always the lesser choice. It may be what you need, and it may suit your needs perfectly. Hop over to this site or that of the dealership in your area for some of the best offers for used cars.
One of the common reasons people prefer second-hand cars is that they’re cheaper than brand new cars. While that’s true, there are many more benefits of buying a second-hand vehicle waiting to be explored. If you’re looking to reaffirm your decision to buy a used car, this article will open you up to more of its advantages and give you the go-ahead you need.
Why Are Second-hand Cars Cheaper?
As aforementioned, affordability is one of the primary reasons people prefer second-hand cars to brand-new machines. Here’s why second-hand vehicles are cheaper.
- They Hardly Incur Extra Costs
First, a brand-new car comes with many extra costs, including the shipping charges, destination cost, and sometimes the advertisement fee. After acquiring the vehicle, you’ll be required to pay the documentation fee, which covers preparing and filling the paperwork involved in the transaction.
All these extra expenses are accounted for in the final purchasing price. It’s no wonder most brand-new cars are ridiculously expensive. However, the only extra charge you may have to cover when buying a used vehicle is the documentation fee, explaining why used cars are cheaper.
- Most Pre-owned Cars Have No Special Features
Secondly, most new machines come with special features depending on trends, design, and the car’s model. The features are either functional or for cosmetic purposes. Whether you need them or not, the cost of having these extras is burdened on the total cost of purchasing the car.
However, for a used car, you may decide to opt out of purchasing one with special features. Sometimes, if you’re lucky, you may get a second-hand vehicle with special features at a lower cost.
Here are other benefits of buying a used car:
- There Is A Wider Variety To Choose From
In this fast-paced, technologically advanced era, new car models are being released daily. While this may be a good thing, it has its limitations. Companies tend to outgrow the models with new car models to incorporate innovations quickly. Therefore, if you’re looking for a model designed in 2010, a brand-new version of the machine may not be available.
On the other hand, there’s a wider pool to choose from with pre-owned vehicles. Whether looking for old or recent models, you can always get one that ticks off your needs.
- Used Cars Have A Lower Depreciation Rate
Did you know that a brand-new car depreciates by around 9-11% the moment you drive it home from the yard? Furthermore, new vehicles lose about 20% of their original value within the first year. They continue to depreciate at a rate of between 15-25% for the next five years, after which the depreciation rate decreases. After five years, a new car has lost about 60% of its initial value without accounting for other factors that contribute to depreciation.
When buying a used car, the original owner usually suffers the cost of depreciation. Moreover, the rate at which the second-hand vehicle loses its value is significantly lower. Therefore, you get to enjoy your car without worrying about how much you’re losing in a day.
- Car Insurance For Used Cars Is Cheaper
In many cases, insurance companies consider the current retail value of your car when determining the premiums to be paid. Since new cars are expensive, car insurance coverage fees for a new vehicle are higher than those of a used car.
- It Has Cheaper Spare Parts
It’s easier to source spare parts belonging to a pre-owned motor than spare parts for a new car. To start, it’s a new car, which means that even if its spare parts have already been manufactured, they’re likely not available locally. You’d have to incur the cost of shipping to repair your car.
Depending on the model, you can always find spare parts in a salvage yard or a local automotive market for second-hand cars. Therefore, it’s not only easier to acquire such spare parts, but it’s also affordable.
- There Is No Waiting Period
Buyers aren’t allowed to drive their new car home immediately after purchase. Most of the time, it’s left in the car yard until the paperwork is proceeded and filed. However, you can get a pre-owned vehicle immediately after processing payments.
To Sum It Up
The benefits of buying a used car transcend a lower initial transaction. For example, paying lower insurance premiums will continue until you dispose of the vehicle. Therefore, when choosing your next car, there’s no reason to buy something new when what you truly need is a pre-owned one.