The time has come to reward yourself by buying a new car, but you’re unsure if it is a better move to buy a brand-new or a used one. Of course, with the brand-new vehicle, you’ll be set for many years. But if you know how to pick one, used cars can also provide you with the long-term reliability and satisfaction equal to that of brand-new vehicles.
Buying from reliable used car dealers like Vision Hyundai Webster can make this a worthwhile investment as this won’t cause you too much upfront. Aside from the lower payments, here are the other benefits you can get from buying a used car:
1. Easy Customization
One good thing about buying a used car is that you can customize the vehicle as you see fit. Implementing customization and various add-ons and changes are much better when done on an old and used car because customization changes done to a brand-new car might compromise your warranty.
While the customization of brand-new cars is still possible, this can only be done at a specific car customization store provided by the retailer. When it comes to old and used cars, however, you have the freedom to customize them yourself (if you know how) or take your car to any car customization shop you want.
Customizing your vehicle requires a lot of time, energy, skills, and, most of all, patience. Thus, the satisfaction you’ll get when driving a car you’ve customized will be worth the hard labor you’ve invested in it.
2. Older Models Are Still Good
The automobile industry and brands always introduce different and newer models to the market, which will always be under the spotlight.
While some buyers prefer investing in cars with the latest and most innovative features, others are more than happy to buy older and simpler cars because not all drivers can adapt to the technological advances of new models, or may not find any use for them. The most important factor of them all is that they’re much more affordable than the new ones, and it’s worth mentioning that the insurance fees will be lower for a used car as well.
3. Paying For Used Car Can Be Less Stressful
When buying a new car, financing options that most dealers and lending companies offer will make it easy for anyone to obtain the most expensive vehicle available in the market. If your credit standing is good, you can get a car loan. You’ll be able to drive off in your dream car and pay for it on a monthly installment basis.
But while this buying method is convenient for most people, it will undoubtedly result in stress over time. Getting a car loan that stretches out for many years means you’ll pay higher interest rates. The monthly installment interest rates will increase every month, and you might end up with a car paid double its original worth.
On the other hand, used cars are much more affordable as the down payment can be much cheaper. If you have enough savings, you might even have an easier time paying the total upfront cost compared to when you’re going to buy a brand-new vehicle. You can likely pay off your debt faster, too, since used cars are more affordable than brand-new ones.
4. Cheaper Insurance Costs
Car insurance is a necessary and smart investment, but buying car insurance is not cheap for new vehicles. Computing the insurance premiums is done based on the car value, and the coverage will naturally be much cheaper for a used car. Moreover, all old car owners are exempt from paying the full amount of taxes and registration fees. When buying a used car you won’t be paying the same fee as when you buy a new one. The insurance costs are based on the market value of your car, and since used cars have a lower value, the fees are lower as well.
5. Value Of New Cars Drop Quickly
When you buy a new car and drive it away from the store, it immediately loses around 20% of its original value. In the upcoming years, the value of your once new car will drop down by 50%.
On the other hand, used cars’ prices have already dropped down, so you won’t have to worry about depreciation at all because the previous owner already took the most significant depreciation hit. This allows you to own a car that can earn much better value once you decide to sell it in the future.
Basically, what this means is that as long as you take good care of your used vehicle, reselling it at some point will allow you to earn the same amount of cash you spent on it when you bought the car. Additionally, if you upgrade and customize your used car, you may sell it for even more money than you paid for it.
Buying a used car over a brand-new one is a much better investment in the long run for many people. Although the lump-sum payment upfront may not be something you’re willing to spend, it’s a good solution. The value of your used car will remain the same even after several years, and you’ll save a lot on car insurance expenses.