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Many new vehicles are released every year, and they all come with even more advancements than we can imagine – which is tempting for the average buyer. But if you are in the know and are aware that you can get your money’s worth with buying a used vehicle, you wouldn’t be distracted by a new vehicle’s bells and whistles. There are a lot of merits to buying used, and spending less is just the tip of the iceberg. So what are the real perks of buying a used vehicle? Here, your top questions are answered.
- It offers big savings
The number one perk of buying a used vehicle is obvious: it can offer you big savings. You can save more of your hard-earned money if you opt for a used car, and the savings are pretty hefty when you think about it. For instance, the prices of used vehicles can be as much as 50% less than a new vehicle. You can pay off your used vehicle much more quickly too, which saves you more on financing. The typical consumer switches vehicles around six years from the time they purchase it – so if you pay ten thousand dollars for a used vehicle rather than twenty thousand dollars for a new vehicle, you have the chance to choose a nicer model for your next car. You can also opt for another used vehicle at only ten thousand, which lets you get two models for the price of one!
- The majority of depreciation is no longer your worry
Truth be told, a lot of consumers and car buyers complain about the rate of depreciation of new vehicles. The vehicle you buy will start depreciating as soon as you drive it away! A new car’s value can drop by as much as 11% when you drive it home, which means that if you bought a vehicle worth $20,000, it will only be worth $17,800 when you arrive home. New vehicles will continue to depreciate in the days, weeks, and months that go by, and in a few years, they will already have depreciated significantly. Not so with used vehicles, however. The majority of depreciation will have already happened when you buy it, and some vehicles can even have better value as they age, such as high-end models.
- You don’t have to deal with exorbitant fees or charges
Many new car deals may seem tempting, but these new cars will often come with some exaggerated, exorbitant fees as well. This includes fees for shipping, fees for the destination, preparation fees, and the like, as confirmed by used car Utah professionals from The Young Automotive Group. Some new vehicles even come with advertising charges that reach as high as a thousand dollars. But with a used vehicle, you will not generally have to deal with hidden charges or exorbitant fees, although you may have to settle a doc charge or fee for several hundred dollars.
- Costs of customization are lower
Many dealerships will offer add-ons for new vehicles, which can be costly when you add them up. But when you buy a used vehicle, you can customize your car as you see fit and customize it at a later time.
