Benefits of Purchasing Used Cars 

 

The vehicle may be the most expensive purchase that you would make other than your house. Sure, you could see overpriced used vehicles and bargain buys on brand new cars. However, it isn’t just the initial cost that makes a new vehicle go down. The losses in value, subsequent costs, and associated fees add up to hundreds of dollars over the first several years of owning a new vehicle. If you end up bad on your car loan, this would be a bad news for you.  

Cars

But, a used vehicle that is only about 2 years old and has under 25,000 mileages could help you save money in your wallet without losing quality. Here are some benefits of purchasing used vehicle: 

Less Depreciation 

Did you know that a brand new car’s value immediately depreciates the moment you drive it off the dealership? That is the main reason why second-hand vehicles are better options. It is also why you could purchase a 2008 Porsche for the price of a 2012 Honda.  

If you purchase a vehicle that is 1 or 2 years old, it will still depreciate. However, you would lose less money. You would also avoid the huge initial cost that the past owner had.  

Sales Tax 

Each advertisement for a brand-new vehicle shines over the tax problem. A lot of state laws focus new vehicles to state sales tax. However, not used vehicles. For instance, in Georgia, you will not owe any sales tax at all if you purchase a used vehicle from a private seller. Reasonably, the sales tax that a dealer has to add to the cost of a brand-new vehicle could be hundreds of dollars. Do not undervalue savings, research the laws in your state about the subject before you purchase.  

Falling Registration Fees 

The rate of yearly registration fee depends on the value of your car and the model year in almost every state. For instance, in Colorado, registration fees dramatically fall during the 1st several years after a vehicle is made. The rate is highest in the 1st 3 years, and then drops off after 5 years. You could save around a thousand of dollars if your state has the same rules by avoiding the new vehicle registration fees and purchasing a vehicle that is at least 3 or 5 years old. 

Cheaper Features on Second-Hand Vehicles, Useless Extras on Brand-New Vehicles. 

The oldest scam in the book of dealers is to add extra dealer options. They would add an immortal anti-rusting coat, a protective film, or a pinstripe. However, new vehicle buyers who want these extras could get them easily for a much cheaper price from an installer of after-market products. These changes do not add a penny to the resale value of the vehicle anyway. You might not get each feature you want when you purchased second-hand vehicle. However, you really will not end up paying additional money for stuff you did not ask for.  

Now that you know some benefits of buying used cars, maybe it is time for you to buy one. You could start by visiting Buy Here Pay Here OKC 

Read More