There’s no denying that the new car smell is exciting! But, buying a used car can be just as fun. You can enjoy the perks of a car that you haven’t owned before without hurting your bank account. A vehicle that may have seemed out of reach because of its prices may be affordable if it’s used.
Since more cars are available in the world now, there are more options for used vehicles. Used car retail sales in Canada have nearly doubled between 2012-2020. More people are gearing towards used cars since they are convenient in various ways. Here are some reasons why you should consider purchasing a used car instead of a brand-new one.
Your Wallet Will Thank You
One of the most significant benefits of purchasing a used car is the money you save. As soon as you drive a new from the dealership parking lot to your garage, the value decreases. The reduced value will enable you will get a better price when you purchase the car from the first buyer. Even the latest versions of used vehicles like the Mazda CX 5 are available at some dealerships.
You can enjoy the benefits of a newer model without investing the full price. If you are okay with older models, you might even find cheaper options with similar functionalities.
Insurance Won’t Cost a Fortune
It is usually cheaper to insure an older car since it is not as valuable as a new one. A vehicle loses up to 30% of its value as soon as it leaves the dealership parking lot. It begins to depreciate from that point, which means it loses the majority of its value within the first few years. Since depreciation affects how much insurance will reimburse you after a claim, insurance rates are often cheaper for used cars.
Access to Vehicle History Report
It might be stressful to wonder if you’re making a huge mistake during the used car purchase. The thoughts about past accidents or issues you aren’t aware of might be a deal-breaker. However, you can find vehicle history reports online even if the seller doesn’t have them at hand.
The car’s Vehicle Identification Number (VIN) will allow you to find out all about the number of previous owners, past accidents, repairs, and mileage validation. Getting a look at the history will put your mind at ease.
Multiple Purchase Options
You can only buy a new car at a car dealership or retailer, but a used car has multiple purchase options. You can visit a new car dealership that carries used vehicles, an independent used car dealer, or a private seller. Having more purchase options also means that you have a more comprehensive range of car options.
Since you have many choices, you might be able to attain a better price. If one place does not offer favourable prices, you have the option to go to someone else.
Buying either a new or used car can be exciting. But, if you have financial constraints or if you’re looking for a first car to practice driving and master the skill, a used vehicle might be a wise choice for you.
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