If you’re considering purchase a used car, you’re not alone. In fact, statistics from the 2015 Used Vehicle Market Report found that 38.3 million used vehicle sales took place annually, the highest figure in eight years. This means that many people are realizing the benefits of purchasing used automobiles. With that in mind, it’s understandable what makes purchasing a used car such a popular decision. With that in mind, here are five benefits of purchasing used cars instead of new automobiles.
- Lower Overall Price
The most obvious benefit of purchasing a used car will be its lower price versus a new automobile. This understandably major source of savings is a big motivator for many to find used cars for sale. In fact, between private parties and used car dealerships, 40 million used automobiles change owners each year. You’ll find that even a one-owner car has a far lower price tag than a brand new vehicle.
- Cheaper Insurance Rates
You’ll want to seek out a used car to avoid paying expensive insurance rates. Many new car owners are floored when they see how much they’ll have to pay for insurance. That being said, used car insurance rates are far lower than those associated with new automobiles. Over time, new car insurance rates can drain anyone’s wallet. Those looking for lower insurance rates should look for used cars.
- Reduced Tag and Title Fees
In addition to insurance costs, new car owners often have to pay expensive tag and title fees. You don’t want to purchase an automobile, only to find that tag and title costs are too much for you to afford. While you’ll still need a tag and title for a used car, these costs are often far less expensive. Even one-owner cars tend to have cheaper tag and title fees than newer automobiles.
- Same Security of New Automobiles
Many years ago, older automobiles might not have been as safe as newer models. However, the past few decades have seen automobile manufacturing companies creating vehicles that last a long time. Considering that, it’s no wonder that the average vehicle has three owners during its lifetime. Many used automobiles are as safe as newer vehicles on the market.
- Retaining More Resale Value
You’ve likely heard about how fast new cars lose their value. Amazingly, statistics show that new cars lose an estimated 11% of their value by the time you’ve driven the car home. If you’re reselling a new car, it’s nearly impossible to recoup your costs. That being said, this resale value slope isn’t as drastic with a new car. Since you’re purchasing this vehicle at a lower cost, it retains more of its resale value in the future.
To summarize, there are several benefits of purchasing a used automobile. Considering that, it’s important that you choose to make this purchase at a reliable used automobile dealership. Whether you’re looking for a one-owner car or something a bit older, many feel that these automobiles are incredibly wise investments. In addition, used cars are great for those wanting to pass vehicles down to younger drivers in the family.