Getting money is not an easy venture for most people which is why spending it should be done in a careful, measured and planned way. Buying a car is one of the most exciting things for most people due to the ease of movement and comfort that comes with it, among other varied reasons. There are generally two broad options that you can consider when it comes to acquiring your next car: buying a new one or getting a used vehicle. Both approaches have merits and demerits. Generally, it is advisable to get a used car for the following reasons.
Purchasing a Used Car Saves You Money
On average, a used car costs almost as half as much as the new one in most cases. Used car prices are averagely nearly half the cost of acquiring new ones! This enables you to pay off the used car more quickly and helps you save some money in the process. Interestingly, consumers switch cars after about six years of use. For example, if you were to pay $25,000 for a used car instead of $50,000 for a new one, you end up saving $25,000 which you can then use to get another vehicle thereby creating value for yourself.
Proper Certification and Inspection
Used vehicles with proof of ownership assure you as a buyer of getting quality inspected cars at a reasonable price. For instance, used cars in Chicago, having been certified and undergone an inspection, refurbishment, and certification by the manufacturer or other relevant authority which assures the quality of the vehicle. Getting a used vehicle gives you the option of having your add-ons installed at a lower cost as compared to a new car. This indicates you do not have to settle for expensive dealership alternatives, as is the case with buying a new vehicle. You can make use of the money you saved while purchasing the used car to install the add-ons.
Many consumers complain of how quickly their car loses value the moment they drive it off the lot. This initial depreciation can be as high as 12% of the acquisition amount. The amortization for your new vehicle may continue gradually for as long as three years. Used cars do not usually depreciate as much because the bulk of reduction has already occurred. Some utilized cars vehicles may even gain value!
High taxation on new cars
Cars are exposed to high taxes in most states which makes their acquisition more expensive. With used vehicles, however, this is not the case as there is no extra taxation. Car dealers are also known to add taxes on car prices. Good knowledge about state laws can give you an idea of how much you expect to use as you compare the different prices.
In as much as purchasing a new car has some benefits, getting a used one is by far the better option as has been discussed. For example, used cars in Chicago offer all the merits discussed in this article, and those preferring used cars have limitless opportunities to get one.