Top 5 Reasons To Buy a Used Car or Truck
Buying a used car rather than the latest model is one of the best ways to save money. One of the obvious reasons is that you pay a lower amount of money for an older model, but there are other reasons you might want to keep in mind. Are you considering the idea of buying a used car? Find out five reasons why you should make a used car or truck your next vehicle.
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1. Depreciation
We all know that cars depreciate, and some people might think making the investment of buying a new one is not the most profitable idea. While some models handle depreciation better than others, a car’s value decreases up to 60% by the end of the fifth year. This inevitable tendency makes it reasonable to buy used rather than new, and while it may be difficult to find a one-year-old used car, it’s becoming easier to find two and three-year-old ones.
2. Same Budget, Better Car
You may not be able to buy that new car model you have been dreaming of for ages or maybe you can only afford to buy an entry-level car on the market. But if you shop used instead, it might be easier for you to buy a fancier and better-equipped model for the same budget, or even afford the car of your dreams. And because some car makers don’t redesign each model every year, people don’t even need to know your car isn’t new!
3. Lower Insurance Rates
Your neighbor might not be able to see the difference between a brand new and your three-year-old car model, but an insurance company surely will. Reasonably, the newer the car is, the more value it has. Therefore, an insurance company will charge you a higher fee to cover the possible expenses of a wreck. This is another reason why buying used can be a good option for your pocket.
4. Long Live The Car
The lifespan of today’s cars and trucks has considerably increased, with an average age of about 11.8 years. Quality improvements have enabled drivers to keep their cars for longer periods. This means if you buy a used car, not only will it remain reliable for more time, but you can also buy it without worrying too much about potential breakdowns.
5. Less Risk Thanks To Vehicle History Reports
Lastly, the availability of vehicle history reports might be the ultimate reason to decide on a used car. Companies such as AutoCheck or CarFax provide accurate and updated data based on a vehicle identification number, like previous owners, accidents or repairs. This can be a useful source for shoppers to decide and be certain of their choice when buying used cars.
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About 41 million shoppers bought used vehicles last year and this trend is expected to keep rising. Do you want to be one of them in 2020? If you live near Sudbury, ON check our great deals at The Car Lot etc. and find the perfect model for you!