Your home and your car are among the most expensive things that you will ever purchase. However much you love nice cars, try to manage your finances responsibly. It is true you will find an overpriced used car and great bargains on brand new ones. However, it is not just the price on the sticker that makes purchasing a new car a waste. There are costs that add up to become a lot of money. These include the associated fees, the loss in value and subsequent costs. Here are the benefits of buying a used car rather than a new one.
1. Better price
It feels great to ride in a brand new car, with its new car smell and feel. But these don’t come cheap. At the beginning of 2014, the price difference between used and new vehicles was about $20,000. The adage that a new car loses its value in thousands of dollars immediately you drive it out of the lot is true. That is why you can find a classic Fiat 500 for sale at the price of a 2011 Honda. According to a CNW Marketing Research, the average price of a car in 2009 was 25,000 before taxes and fees. The same car could be worth about 13, 000 now. Would you rather be the first buyer who lost about 12,500, or the second buyer who saves that much?
2. Potentially avoid new car fees
When buying a car at the dealership, whether it is new or used, most probably you will incur fees such as taxes and DMV fees, regardless of the condition of the car. You may also incur random fees such as processing and preparation, and these can add up to hundreds of dollars. However, if you obtain a used car from a private owner, you can avoid these random fees.
3. Variety
Maybe you are looking for a 1979 Mustang Turbo, or a 2005 Jeep Wrangler. If you are interested in a specific car model from a decade ago, there’s a good chance that you are not going to find it in a new condition. Buying the used car rather than a new one gives you a wider selection of inventory to make a choice, and you are not limited to models that were released recently as the case when buying the new car. Thus, you have a virtually inexhaustible inventory to choose from.
4. Technology
These days, shopping for a used car is different than it was many years back. Consumers have an abundance of information and resources at their disposal. Many sites will give you the historical information about particular vehicles. You can also find out the experiences of people who purchased the same car you have an eye on. Again, you have the advantage of shopping for parts online. For instance, you can buy Dodge parts online at affordable prices, according to Hi Tech Auto Parts.
Buying a used car has more advantages to offer such as better prices and unnecessary fees. But, ensure that you do your homework well before deciding on a particular make and model to purchase.