Is It Better to Buy a Used Car Versus a New One?

If you're in the market for a motor vehicle, you might want to consider buying a used one. After all, it's always nice to save a few dollars. But aside from cost savings, what are some of the other benefits of buying a used car over a new one?

Lower Insurance Premiums

When it comes to auto insurance, newer cars tend to be more expensive than older ones. This is because newer cars usually come with higher repair costs and replacement parts that are more expensive than those for older models. Also, if your vehicle is stolen or written off by the insurance company following an accident, you will receive less money from your insurer due to depreciation. With all these factors combined, you can expect lower insurance premiums when you buy a used car instead of a new one.

More Variety

Buying a used car allows you to choose from a larger selection of models and trims than you might find if you buy new. So, if you are looking for something specific like an older model or hard-to-find trim package, then buying used is your best bet as it expands your options exponentially. You'll also be able to find vehicles with features and amenities that were discontinued in recent years but were common in older models, such as manual transmissions or even vinyl seats.

Less Depreciation

Depreciation is one of the biggest costs associated with owning a car. After all, new cars lose almost 50% of their value within five years! Buying used means that someone else has already taken the brunt of the depreciation hit, leaving you with more financial stability down the line when it's time to sell or trade it in for something else.

What Should You Do?    

You may be tempted by the "new car smell" when thinking about another vehicle, but there are many factors to take into account other than those superficial elements. For example, you may be able to save money upfront and have greater options in the future when you want to get a different vehicle altogether. And don't forget, lower insurance premiums could make a big difference to your annual motoring costs as well.

Getting More Information

Get in touch with your local used car supplier and explore their inventory. You may well be able to find what you're looking for and feel good that you have made a shrewd purchase.