When you’re looking for a vehicle, which do you prefer? A brand new car or a used car? Maybe you don’t want to take out a loan or you just don’t have the money to buy new. So, used might be the way to go.
Here are five reasons why buying a used vehicle is worth it:
Buying a second-hand car is an important way to save money, especially for a growing family on a budget. A used vehicle has a much lower price than a new one, with the same model.
It is known that a brand new car will lose about 20% of its value when driven off the lot and depreciates another 10% during the first year. It is a 30% loss during the first year of owning the car. To avoid this depreciation, it is advised to buy a second-hand car. A one-year old used vehicle may be difficult to find but there are two or three-year old cars available.
Reducing insurance costs
The cost of car insurance is based on the car’s value. A pre-owned vehicle has less value than a brand new one, so its insurance cost should be less. There are also some elements of car insurance in an old car that can be dropped, such as collision and theft.
A second-hand vehicle offers more safety benefits than new cars, in terms of factory defects and other issues. If you bought a new car and it happened to have a factory defect, you will have to face possible recall. With used, you can consult resources and check out whether the vehicle you are eyeing up had open recalls in the past. There are companies such as Carfax and AutoCheck that release history reports on vehicles. The reports provide information such as mileage verification and whether an insurance company declared the vehicle a loss. You can check out these reports to avoid costly hidden problems of a used vehicle.
Helping the environment
From an environmentally-conscious standpoint, buying used cars reduces your carbon footprint. By reusing a vehicle that has had previous owners, you are potentially sending one less car to the dump. In addition, new cars emit a whopping 28% of the carbon dioxide it will produce over its lifetime in just the manufacturing process and shipment to dealers. There is no doubt that buying used is a more responsible decision for our planet.
If you are thinking of buying a vehicle, consider looking into used cars first. There are a lot of things to evaluate when buying a car. Do your research first and weigh the pros and cons of buying brand-new or second-hand.
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Jess Holmes is part of a team of writers and specializes in writing advice oriented pieces.