What's the Value of Buying a Used Car?
The number one reason to buy a used car is the excellent value. If you're ready to get behind the wheel of your next vehicle but you also want to save money, buying used is a great option. Of course a pre-owned vehicle costs less than a new one, but that's not the only way a used car can save you money. So how else can a used car help you save?
- Less depreciation in value: As soon as a car leaves the lot it loses some of its value. After that, much of a car's depreciation occurs during the first year of ownership. If you buy a used car that is a year or two old, you can avoid some of that lost value.
- Reduced insurance cost: Car insurance costs are based on a number of factors including the monetary value of the vehicle. Since used cars have a lower value, it costs less to insure them.
- Reduced registration fee: Like insurance, the cost of registration is based in part on the cost of your vehicle. Since a used car costs less, your registration will, too.
- More car for less: You may not be able to afford the luxury or tech features you want in a new car, but with the lower cost of a used car you can get a nicer car with more features for less.
