Shopping for a used car can be one of the hardest tasks. If you’ve done this before, then you understand that the whole process can feel like a chore. If your aim is to save money, then buying a used vehicle instead of a new one can save you a lot. Although paying a lower price for the vehicle is the obvious reason, there are several other reasons as well.
With hundreds of websites around, you no longer have to comb through the classifieds while looking for a car. Here are some key reasons why you should consider purchasing a used vehicle.
1. Minimize Depreciation
According to experts, new cars typically depreciate by 20% and most of them lose about 10% in value during their first year. This means during your initial year of ownership, a $30,000 vehicle is likely to lose around $9,000 of its original value. Thankfully, you can avoid this by purchasing a one-year-old car. While these are hard to come by, it’s easier to find a two or a three-year-old car. In fact, the best way to own a vehicle is by purchasing something that’s two years old and using it until you can’t use it anymore.
2. Reduce Registration Fees
Just like car insurance, the registration fees that most states charge to register a vehicle depend on the car’s price. In an effort to generate more revenue, many states are nowadays increasing their car registration fees. However, if you want to stunt those increases the best thing to do is to buy Used Cars KY.
3. Increase Your Options
When you have lower costs, your selection significantly increases. Although a new, top-of-the-range vehicle may not be in your price range, one which is a few years old might just be what you are looking for. Buying a used car will let you enjoy all the features and luxury capabilities that you might not be able to afford if you go for a new one.
4. Lower Car Insurance Costs
The main thing that’s used to determine the cost of insurance is the value of the car. As compared to new ones, used vehicles have less value; hence, the insurance cost should be less. Since some elements of insurance can be dropped, you will save even more money. For instance, once a car is a few years old, you can do away with insurance premiums such as collusion and theft if you like. However, note that this isn’t the same in every state. Always check state laws on car insurance before dropping any coverage.
5. Access to a Vehicle Report
While purchasing a used vehicle might have been risky some years back, this is not the case anymore. Today, getting a full car history report is easier than ever. With car services such as AutoCheck and Carfax, you don’t have to worry about driving off without a car’s history report. The information that you’ll obtain includes previous owners, previous registration, accident history, and mileage validation. While history might not identify every concern that you have, easy access to them will definitely give you peace of mind while buying one.
While buying Used Cars KY may not feel as glamorous as purchasing a new car, used cars are extremely reliable, and save you money. What’s more, with the history report, you will know some of the most important details about the car.