Buying a used car is starting to get better and better for many car buyers. As new cars become expensive, they become out of reach for most people. As a result, there are so many more affordable vehicles that the market is moving in that direction.
New car prices aren’t the only reason for this change, as interest rates on used cars are also lower. While most manufacturers are rapidly launching new versions of their models, more and more modern new cars are entering the used car market.
This makes it easy to make good purchases without having to break your wallet. So is a used car a better alternative?
A used car is best suited for first-time buyers switching from two-wheelers or public transport, as well as those buying a second set of wheels for the family. You have to choose the make and model of your car, but more importantly, you also have to decide if you want to buy a new car or a used car.
So here we are going to talk about the main advantages of buying a used car. We will also discuss some downsides that you should also be aware of. With this information, you will be able to make an informed decision about buying a car.
Advantages Of Buying A Used Car
Here are some of the main reasons to buy a used car:
1. Cost Savings
Because new cars depreciate significantly in the first 3 years of purchase – at least 50% off their original price. Buying depreciated-priced cars is a good deal.
2. Depreciation Expense
When purchasing a vehicle, the original owner bears most of the vehicle’s depreciation costs. Therefore, it is smarter to find residual values when buying a car. If it depreciates very quickly then buying a used car is the best option.
3. Less Insurance
You will pay less for car insurance. As cars age and therefore decrease in value, they become cheaper to insure.
4. Increase Vehicle Age
Today’s cars remain reliable for longer periods of time. This has contributed to increasing the average vehicle life to about 11.5 years and continues to increase.
5. Certified Used Car
Used vehicles are refurbished and also provide necessary warranties. About 2 to 3 million units are sold each year. 6. Vehicle History
Today, Vehicle Identification Numbers (VINs) that provide detailed vehicle history reports are available from various companies.
Cons Of Buying A Used Four-Wheeler
While the advantages outweigh the cons of buying a used car, it’s important to know them to make an informed decision.
1. Limited Selection
You don’t have many choices in terms of colors, designs, and different options when it comes to finishing the car. Everything available in the market is limited and you may have to research different options for a long time to find the right one.
2. Less Warranty
Unlike new cars, most used cars are not covered by warranty. If it’s a late-model car, it may still be covered by the factory warranty. If so, you can always extend the warranty without incurring high costs.
3. High-interest rate
One of the main disadvantages of buying a used car is that in most cases a higher interest rate is charged on financing. Most lenders only charge much higher interest rates on used vehicles. On the other hand, new cars often come with financing incentives as low as 0%, so they definitely have an advantage here.
So, if you really need to save money and have peace of mind, it’s best to buy a used car that’s been thoroughly tested for 3-5 years and use the money saved to buy an extended warranty. That’s why it’s even more important to have a thorough vehicle inspection by a certified mechanic prior to acquisition.
Safety Measures Before Buying A Used Car
If you’re still confused between a used car and a new car, it’s time to compare them in terms of money. Some other factors to consider are the loan EMI, fuel costs, maintenance, and insurance. When you buy a car, your total costs over the years will be significantly less than buying a new car. So it makes sense to get a used car. Additionally, the following steps will help you make an informed decision:
1. Check Used Car Records
The Car Proof report will provide buyers with full details on whether the vehicle has been in an accident as well as recent repair work.
2. See The List Of Used Car Recalls
As the number of recalls from all major automakers has increased over the past few years, buyers can easily check the latest listing to see if any recalls have occurred for vehicles.
3. Thoroughly Check It With A Mechanic
Before buying a used car, buyers should have a local mechanic check it out for any problems. Most used car dealers will agree to this inspection.
To conclude, you can do your own research to make sure that the car model you are considering buying is well-reviewed and is also reliable. You should also have your vehicle inspected by a trusted mechanic, especially if it’s a used vehicle. With significant savings along with the guarantee of full certification and full warranty, you can now get all the key benefits of a used car you expect when you buy a new car. Especially for first-time buyers, buying a used car is more convenient and at the same time affordable. Unless you really want the latest car available on the market, a used car can serve almost any type of buyer in a very practical way.