Advantages Of Buying A Used Car
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Advantages Of Buying A Used Car
A slick, new vehicle has caught your eye. The television ads draw you into a dealership to see that shiny new vehicle. But is a new car right for you Sure, it has all the bells and whistles and an attractive financing option, but what are your other choices Used cars! There are many reasons to purchase a used vehicle, and yes, this is a shameless self-promotion to get you to use our Used Car Checklist. Buying a used car can save you money, provide the same satisfaction as a new car, and provide quality transportation for many years.
On average, used cars prices are almost 50% lower than new cars! You will be able to pay off a used car much faster, saving you financing fees. Consumers switch cars at an average of six years after purchase, and if you paid $10,000 for a used vehicle instead of $20,000 for a new one, you could opt into a nicer car for your next vehicle or buy another $10,000 vehicle, creating your very own two for one special!
Some used cars still have part of their original warranty. Other used cars may have the option of creating a new warranty. An extended manufacturer warranty on a used car can provide factory trained technicians to repair your car with quality parts and speedy service. Plus, you can utilize a portion of your savings from NOT buying a new car and have a warranty that covers everything until 100,000 miles or more. What new car offers that
Almost a quarter of the carbon dioxide a vehicle produces during its life-cycle occurs during manufacturing and initial shipment. Buying a used car reduces the carbon dioxide output into the environment. Used cars also impact the environment less than newer, hybrid vehicles. Hybrid vehicles use lithium-ion, lead-acid, or nickel-metal hydride batteries that have a much larger environmental impact than a used car due to the toxic waste left behind by batteries and acid.
Purchasing a used car over a new vehicle is a great option for many drivers. As inflation rates in the U.S. soar to record high numbers, Americans are seeing its effects at the grocery store checkout and at the gas pump. And with the new vehicle costs averaging close to $47,000 in early 2022, according to Kelley Blue Book, now might be the perfect time to save some money and buy used.
The average monthly payment in the fourth quarter of 2022 for a used vehicle is $526, while drivers financing a new vehicle paid $716, according to Experian. Saving over $180 a month adds up quickly, and you could end up saving thousands by going for a used car over a new one. While paying a lower purchase price for the same car model of a different year is the obvious reason to buy a used car, there are others as well.
Just as insurance varies by ZIP code, the expected fees that come with your used vehicle are not created equal across all 50 states. But they are less expensive than the fees associated with a new vehicle because the cost of the vehicle is less in the first place. This is especially true for any sales tax that you may have to pay.
Buying a used vehicle is a great way to get behind the wheel without shelling out as much as you would for a new vehicle. You will be met with less vehicle depreciation and spend less on insurance and registration while still having peace of mind that your vehicle is in good condition.
When the time comes to finance a used car, be sure to check current auto loan rates so you know you are getting the best deal available. And to calculate your potential spending that financing will bring.
Unless a vehicle is still under manufacturer warranty, buying from a private party means you could miss out on protection against mechanical and electrical faults. Dealerships, on the other hand, might offer their own warranties on used vehicles.
Interest rates tend to be higher for used cars. Partly, this is because of manufacturer incentives on new vehicles, but also because of the greater risk involved in used-car financing. Consumers with lower
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