It’s safe to say there’s a lot of options out there if you’re in the market for a new vehicle. One of the biggest choices is whether you want to pursue purchasing a new car or a used car. As with any decision, there are many considerations to weigh. Nevertheless, if you’re open to buying a used car, there are plenty of reasons to do so. Here are five great reasons to buy a used car.
1. Loss of Value
One of the first reasons to explore used cars is because new cars lose value. Everything loses value over time—this is called depreciation. The reality is that when you buy a 2020 vehicle, there’s a guarantee that next year’s 2021 model will make yours less desirable because it’s no longer brand new. It’s reported that in only three short years, new vehicles can lose up to 50% of their original value. So limit the depreciation now, and consider a used car for your next vehicle.
2. Saving Money
Another more obvious reason to consider a used car is that it’s less costly than its new counterpart. Many times you can get a discount on a quality vehicle just because it has a bit more mileage or it’s a couple of years old. Neither of these are necessarily big problems as long as the car was well-maintained. Plus, you can check the previous owner’s history for a clean title and any car accident that’s been reported. All in all, a used car is a great way to ensure financial protection and still get highly valued car that will last you a long time.
3. Better Insurance Rates
Car insurance rates are usually cheaper for used cars than brand new ones. It’s worth noting that your insurance rate also depends on many other factors. A few factors include personal information like your driving record, your credit score, your age, the make and model of your vehicle and the cost of your vehicle. Each car insurance policy is different due to this personal information, so compare different insurance companies to make sure you’re getting a lower premium for the auto insurance coverage you need.
Another factor that has an effect on your auto insurance rate is your choice of insurance coverage. For example, you can decide between comprehensive coverage, collision coverage, and limited liability coverage. Comprehensive coverage is one of the best coverage options because it covers the most damages. To name a few, these damages include property damage, bodily injury, personal injury protection and weather-related damages. Some even have roadside assistance included, as well as medical expenses.
Navigating all of these car insurance options can feel challenging, so use a comparison tool and experienced insurance policy workers from iSelect for peace of mind. If you consider all of these factors that affect your auto insurance policy, you can get an an insurance rate that meets all of your protection wants and needs.
4. Wider Sourcing Options
Another perk that comes with buying used cars is that there’s a whole lot of inventory out there. Your market goes from one year worth of vehicles to many more years to choose from. You aren’t stuck to a dealership that haggles you into high prices and new cars. You should consider looking into auctions for your purchase. One auction export to keep in mind is the Auto Auction Mall. This auction export has cars from virtually any automotive company from many different years. All the vehicles are listed on an online database where anyone can search for any number of cars that they’ve had your eyes on and find the vehicle of their choice. Auctions like this one allow you to buy cars for cheaper rates. Keep in mind, their site is a live auction. This means that you place your bid on the car you want. If you are the top bidder, you pay for the car. Then, their shipping company will help you ship to wherever you’re located. This way, you can navigate their site to find the used car of your dreams instead of settling with the availability in your area.
5. Proven Data
Last but certainly not least, consider that by purchasing a used car, you can explore the years worth of data and reviews available. When you purchase a brand new vehicle, you’re not able to see how it performs in the long run. When you purchase a used car you get to look at years worth of data and consumer reviews. You can even go as far as to check out Consumer Reports for your chosen make and model and get the run-down on the vehicle that’s best for you. This way, you can make informed decisions and get a used car that saves you money on the price of the vehicle and the insurance. But most importantly, it gives you the peace of mind as an owner.