Buying a used car can be a daunting task, especially if this is your first purchase. Since vehicles quickly depreciate, buying them used can save thousands of dollars. Listed below are four top benefits to buying your vehicle used.
Most people know that once a car is purchased, its value automatically depreciates. Within the first couple years of driving, your car can lose up to 30% of its value. Buying a car used will save you a lot more money than buying a new one and selling it after a few years.
There isn’t a big difference from a new vehicle and one that has been used for a couple years. If you buy the car new, it means you’re paying about 30% more than you actually need to. That’s a big sacrifice just to get a new car smell.
Buying old cars that have extra miles on them can save you even more money. One of my friends just bought a 1986 Honda hatchback for a few hundred dollars. Although the exterior was downright ugly, the car could drive just fine. Many junk cars for sale can be spruced up with a few hundred dollars’ worth of upgrades.
Since used cars are much cheaper than new ones, you’ll have a bigger selection that fits within your price budget. Sports and luxury cars are no longer an unattainable purchase if you get them used. Just recently I found a BMW M5 for under $10,000. There was absolutely nothing wrong with the car and the exterior looked great.
Save Insurance Money
Getting the state minimum coverage is the best option for used vehicles. This coverage can save you hundreds of dollars, since premium insurance is not necessary if you buy old cars. However, it is essential to get some type of insurance; otherwise you may find yourself in a nasty accident and having to pay for the damages.