Buying a brand new vehicle or a used one can be a tough decision to make. New vehicles come with latest style, low interest rates, exciting tech features but when it comes to the budget it may not be the friendliest choice for you. That is why we will look at an overview on some used-car wisdom that might help you make a good choice on the same.
To start with, used cars are less expensive. The value of a new car drops once it is taken out of the showroom and driven around. On average the value of the car would be 54% of the original purchase price. That sucks! Therefore the average cost of a second-hand car is below that of a new model and that’s not all. In addition to this, you will end up paying less on taxes and the insurance too. Don’t however, forget to check on distance and mileage point as well as the warranty as this will impact on the cost of maintenance.
Financing rates and terms is another issue. There are available and lucrative financing deals for new cars. Don’t be carried away and forget to do the math though. This gap has been bridged due to the availability of certified pre-owned vehicles companies. These companies offer lower rates and additional warranty as well as extensive car inspections. This explains why the benefit of purchasing a new model has continually faded since there exist special and lucrative financing deals for used cars.
Another factor in play is the history report of the pre-owned vehicle. The fact that you may not know where a used car may have been or what it may have been through is an unsettling factor. However, there is no need to worry since there ar tools in the market to help you get a transparent report like CarProof. This way you get to know exactly what it is that you are dealing with. Even though history reports may not have every bit of information, you will get the essentials to settle your doubts. The critical information you need includes; previous owner(s), accident history records, mileage and distance records, as well registration status.
Reliability is another concern. Sometimes you think it may be risky buying a used car due to reliability concerns. It serves well to know that several research studies have shown that the average car on the road is over 10 years old and the number keeps rising since the manufacturers are busy improving their line-ups. Vehicles like SUVs, trucks and modern models last longer so it’s beneficial if you are looking topurchase a prowned vehicle.
Though buying a new car sounds like a great idea and has its prospects, it is also undeniable that buying a used vehicle offers a bigger advantage.