Most people would people would prefer to have a new car over a used one. However, it is important to note that there are a number of advantages that come along with buying a used car.
Reasons to buy a Used Car
Save Money
Even if the car you purchase is only a year old, you will still be able to save a lot of money. Not only are the prices on used cars a lot lower, but you may also be able to get a lower interest rate. In fact, many people are able to pay for their used car out-of=pocket.
Slower Depreciation
One of the disadvantages of having a new car is that it depreciates rather quickly. In fact, a new car can lose up to 40 percent of its value during its first year. A new car will start to depreciate when you drive off the lot.
Save Money on Car Insurance
Because a used car has less value, it will cost less to insure. You can save even more money by getting rid of coverage that you do not need. For example, you probably do not need collision insurance if your car is older.
Lower Registration Fees
You will have to register your car after you purchase it. In most cases, the registration fees are lower for used cars.
Peace of Mind
Buying a used car used to be risky. However, there have been things that have been put in place to make sure that you get the car that you want. For example, you can find out the car's history on CarMax. You can also purchase from a certified pre-owned program.
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