Buying a car can be quite an expensive endeavor. These days an average brand-new car can easily cost you up to $45,000!
So, if you wish to save money while still getting the transportation you need, buying a used car may be your solution! There are plenty of benefits of purchasing a used car that will save you both time and money in the long run. This post will go over some of them, so make sure to read on.
1) You Pay a Lot Less than What You Pay for a Brand New Car
When you buy a used car, you don’t pay for the car’s depreciation, which is the amount of value it loses as time goes by. A new car always loses more value in the first year than a used car. Most cars lose around 20% of their value in the first year. This means that if you buy a used car that is one year old, the previous owner has already paid for the car’s depreciation for those 12 months.
When you buy a new car, you pay for all of the depreciation in value that occurs. This can amount to thousands of dollars. Suppose a new car costs $20,000. In the first year, it will lose around 20% of its value for a total depreciation of about $4000.
2) Lower Insurance Premiums
You will usually have lower insurance premiums with used cars. This is because a used car is seen as being less risky by insurers. They know that the vehicle has already been driven and is less likely to get stolen. Plus, a used car is not as valuable as a new one, so the insurance company will not have to pay out as much if damaged or stolen.
This can save you hundreds of dollars every year on your car insurance premiums. Some people who switch from buying new cars to used cars can see their premiums drop by 50%.
3) Lower Sales Tax
Sales tax is based on the car’s value, and a used car is obviously worth less than a new one. So, by buying a pre-owned vehicle, you can save yourself hundreds of dollars in sales tax.
4) Used Cars Also Have Safety Features
Another benefit of buying pre-owned is that your car will almost certainly have most of the same safety features as a new one. For example, modern cars must have airbags for both front-seat passengers and those in the back seat.
If you want to purchase a used car but don’t want to break the bank, then The Key Online – OKC, serving Oklahoma City, OK, is the place to go. We have an inventory of first-rate used cars for sale that can fit a wide range of budgets.
With so many used vehicles to choose from, we know it might feel overwhelming when deciding which vehicle best suits your needs. That’s why we offer complimentary test drives before you buy a used car.
