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April 22, 2016 | No Comments YetTags: used car, used vehicle
With the exception of our homes, a car may be the most expensive purchase we can make. Everyone loves a nice car but it is critical to manage our budgets responsibly. Therefore, a new car may not be necessary for our needs. It is always important to note that the sticker price is not the only factor that makes a new car a waste of money. There are fees, depreciation and subsequent costs that can add up into the thousands of dollars.
On the other hand, a used car can keep money in our pocket without losing quality. There are many benefits to purchasing a used car versus new that are important before we go on the hunt for our next automobile.
When purchasing a used vehicle, we may not get every feature we want. However, we also will not be paying for extras that we didn’t request. On the other hand, when searching for specific features on a used car, such as navigation system or sunroof, we will pay significantly less than the original owner. We will not need a dealer’s new and expensive navigation package that is with surcharges and fees. Instead, we can afford the built-in features that the previous owner already paid for.
Due to a rapid improvement in manufacturing and material technology, cars are now built to last for over 100,000 miles with little issues. Therefore, we do not need to sacrifice condition and reliability just to get a good deal. There are many “pre-owned” automobiles on the market that are in exceptional mechanical shape and scratch-free. For those of us who may not be as comfortable under the hood, there are car certification programs as well as extended long-term warranties that guarantee quality.
Decrease in Registration Fees
The majority of states cost the annual registration fee based on the value of the car and its year. In many states, registration fees sharply decline several years after the manufactured date. Buying a car that is over three years old can save us thousands of dollars from new car registration fees.
Lower Cost, Less Depreciation
The old adage dictates that a new car automatically loses thousands of dollars in value the second it is driven off the lot. Since this is very true, it proves why used cars are the better value. For this reason, we can purchase a 2007 Porsche for the same price as a 2011 Honda.
Although new cars smell excellent, how much is the scent really worth to us? By considering the total cost of purchasing a new car, we can better understand how much we are going to pay for the privilege of becoming the first owner of a new car. On the other hand, we can buy used and receive the savings immediately without impacting quality.