When you spend for a pre-owned vehicle, you will end up sticking to your budget and saving money. If your primary objective is to save money, then purchasing a used car, rather than a new car can be the choice for you; this is a fundamental way for a family on a budget to save money. Pre-owned vehicles can also be of great value and outlets, like used car dealerships in Riverside, sell cars that are in decent condition and last for a long time, and they remain useful for an extended term.
Although used cars are reasonable, you need to be alert because all used cars are not created equal. As a customer, it’s essential that you do fair share of research before deciding on the model you want to invest in; you need to make sure that it’s in the best shape before spending money.
In this article, we will go through some of the popular reasons consumers prefer used cars as opposed to brand new cars:
Generally, new cars tend to depreciate by 20% the moment you drive it home from the dealership. Most cars tend to lose an additional 10% in value during the first year, that’s a 30% loss, in total, in the initial year. This means that a $30,000 car can drop its value by $9,000 in value during that period.
You can evade this situation by purchasing a car that is one-year-old. However, used one-year-old cars can be rare; but it is easy to find cars that are two or three-year-old. Moreover, when you see the right vehicle, it’s possible for the previous owner to have purchased it, drive it and sell it with little loss in equity.
Affordable Insurance Costs:
The chief factor in determining the cost of car insurance is the value of the car. A used car has less value than the new version; the cost of insurance will be less too. You can save more money with used car insurance because some essentials can be dropped; for example, you can do away with “Collision and Theft” once the car is old enough, thus saving money.
Fewer Registration Fees:
Like car insurance, the cost charged by the state to register a car is often based on a car’s transaction price, and many states have increased the registration fees to produce more revenue. If you buy a used car, you can escape the increased registration fees.
Get the Most from Your Investment:
You can stretch the car buying dollar; this is another benefit that comes with buying a used car. You can buy more cars by investing in a used vehicle than a new one. You can’t afford that with a new luxury car that you have dreamt about, but the same car that is two or three years old may fit your budget. You can inquire more details about a used car from used car dealerships in Riverside.