A car is one of the most expensive consumer purchases you will ever make besides a residential property. But a new car is comparatively expensive to own than a used car which makes the option to buy a used car an attractive one. Buying a used car will save you tons of money in several ways. There are other reasons as well that make the decision to buy a used car, a smart one.
- Low deprecation
It is well known that a used car depreciates very fast. In fact, a new car starts to depreciate the moment it is driven out of the showroom. By the end of a year, a new car depreciates by 10% to 20% of its original value. The one-year-old used cars are in usually in their best health and are an ideal used car one can buy. The fact that finding a year-old used car is hard in the local car market pushes many to look for used cars online.
- No Road Tax
All new cars must get registered in an RTO office. There is a road tax involved when registering a new vehicle. A road tax is a tax levied on a vehicle before the vehicle is used on public roads. There are state taxes and central government taxes, but all states have a different rate of tax for a different type of vehicles. But for used cars, you do not have to pay any sort of taxes. So, a used car will save you from paying road tax and other tax which are generally levied on new vehicles.
- Cheap Insurance Fees
Car insurance companies consider the price of a car when determining rates. This makes sense as the more the valuable a car is the more the money the insurance companies have to shell out in case of insurance claims. This translates to cheap insurance costs for a used car as compared to a new car. For example, a new BMW car will have a higher premium than a 3-year-old BMW car. So, in case of a used car, the insurance fees are always less.
- Certified cars
For many buyers, the facility of the warranty on new vehicles will protect them against any manufacturing defect that may have cropped up in the manufacturing process. Today, the buyers are rest assured on used vehicle purchase as well because there are many online car dealers that offer used car price service on their online portals. Also, some online used car vendors give the facility of warranty on used cars that make buying a used car a less worry-some endeavour. A certified car gives buyers peace of mind.
- Cheap Registration fees
It is quite known that used cars cost less to register with the authorities. The registration fees depend on the model of the car and the year of manufacturing. This way you can save some money on the registration fees.
- Ability to Own A Premium Car
This is one of the best reasons for choosing a used car. All thanks to the nature of depreciating that makes owning a high-end and more luxurious vehicle for a fraction of its original value. For instance, you can own a used SUV if you have a budget of entry-level hatchback car. The used car price can vary from model to model of a car.
If variety is the spice of your life, then you should consider buying a used car as there are hundreds of car model to choose from. Also, used car market opens the possibility of owning your favourite car model whose production has stopped.
In short, there are many benefits of owning a used car. If you want to own a used car then there are many different ways to buy any used car. Two basic ways to buy any used car is you can visit the local used car dealer and the second way includes looking for a used car online.