Advantages to Buying a Used Car
When it comes time to purchase your next car, you have to ask yourself, what are the advantages of buying a used car as opposed to a new one? Well, there are actually quite a few, and we think you’ll love them all.
The Andy Mohr Used Vehicles team has put together this list to show all our Indianapolis, Avon, and Plainfield customers the biggest advantages of buying a used car.
1. The Major Depreciation is Already Through
In the past, you may have heard some drivers suggest that you start losing money on a new car the moment that you drive it off the lot. And while this is something of an exaggeration, there is a kernel of truth to it.
On average, they say that a new car loses 20 percent of its value in the first year alone. Every year after that, it will lose 15 percent more, until it hits the ten-year mark, at which point it’ll hold about 10 percent of the original value.
One of the big advantages of buying a used car is that the major depreciation of the first year or two is already out of the way. So, ultimately, you end up taking less of a hit on the value.
2. The Overall Price is Cheaper
Since a used car has already seen a fair amount of depreciation, it makes sense that your next advantage is the price tag. Overall, a used car is bound to be a lot cheaper than a new one, despite the fact that the quality may be almost as high. In the end, those smaller monthly payments are really going to make a difference.
3. Insurance Premium Will Be Lower
In the eyes of your insurance company, there’s a lot more risk with a new car. They know that if it sustains damage in an accident, it’s going to cost a lot more to refurbish it. And that may not be such a great deal for them. To make up for that, they’ll charge you a higher premium.
With a used car, insurers don’t feel the need to charge a higher premium. So, all around, that used car ends up being a more economical option.
4. You Can Spring for the Higher Trim
One of our favorite advantages of buying a used car over a new one is that you’ll likely be able to afford a much higher trim level (and remember, this is where all the best amenities and gadgets are at).
To buy the top trim of a new car, you might need to shell out thousands more dollars. However, if you’re buying a car that’s a few years old, you may be able to drive home a top trim for less than what you would pay for the bottom trim of a new car. Great deal, isn’t it?
Check Out Our Inventory of Used Cars Today
Buying a used car certainly comes with a ton of advantages for Indianapolis, Avon, and Plainfield drivers, the biggest of which may be price.