5 Benefits To Buying A Used Car

When you're buying a new car, there's always the pressure of considering every aspect under the sun before making your purchase. If you end up choosing the wrong car, you are stuck with it for at least a few years. That is one reason why buying used cars is always advisable for first-time car buyers. It simply allows them to become a car owner even with minimal experience. That being the human side of it, there are plenty of practical benefits of buying a used car. We're going to tell you the 5 most important ones to focus on.

Affordability

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This is quite an obvious benefit since it offers you an easier entry point into car ownership. For many, it is a lifelong dream to own a car and the fact that they can  actually get a price point around 30-50% lower than the car's original value is  amazing.  This also opens a door for people to get a good deal on luxurious cars without having to pay a lot. Now, who doesn't want that, right? 

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Low Insurance Rates

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Generally, the rate of insurance of a vehicle is based on its age. This means, the newer it is, the higher the cost of insurance. So, as the car gets older, the yearly cost of insurance renewal also goes down. You can actually save a lot in terms of insurance costs if you choose to go for a used car.

Slow Depreciation

The value of a used car depreciates slower than that of a new car. In fact, the value of a new car depreciates the moment it is out of the showroom. And this rate of depreciation continues to be very fast in the initial years. But following the period of around three years, the rate of depreciation tends to slow down. So, look out for this depreciation period before bringing your car home.

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Tax Savings

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It is a well-known fact that the actual price of a car is significantly higher than what is advertised. That's because a large chunk of the additional costs includes taxes levied by various states. The good thing about it is that these taxes only apply to new vehicles. Buying a used car frees you from the burden of such taxes. Moreover, you also save on other costs like registration, road tax, and other RTO charges.

Warranties

Extended warranties are highly promoted by car manufacturers and most people who buy new cars end up purchasing five-year warranties with their cars. So, if you are looking to buy a three-year-old car, the chances of getting two years of warranty free on it are high.

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With that said, the next time you think of going for a new car, do think about these five benefits of buying a used car before making the final decision.