There are many advantages to buying a used car that you will not get when purchasing a new one. Getting that new car smell is nice to have, but is it worth it in the long run? From saving money on insurance to paying a lower cost overall, there are many reasons why buying a Nagpur used car is the smarter move. Getting the most out of your purchase is what really matters. That is the ultimate overall goal rather than obtaining that new car smell.
Depreciation in Value
When a new car is purchased from a dealership and the car is driven off the lot, it goes down in value. Instantly, it drops up to 20 percent in value. Unless you have the money to make a 20 percent down payment, you are already in a situation where you owe the lender more money than what the car is worth. If you buy a used car, you do not have that problem. The original owner absorbed that cost within the first few years of ownership resulting in thousands of dollar saved on your end.
Lower Insurance Premiums
Another great advantage of buying used is paying lower monthly insurance premiums. Because the value of used cars is lower than those of new ones, monthly insurance payments will be lower. Over time, that will result in saving thousand of dollars for as long as you own the car. Buying a new car will not give you that regardless of what make and model it is. Writing that monthly check to the insurance company for your new car’s premium will cost you more than it would have been if you chose to buy used.
Lower Sales Tax
Again, since the value of the used vehicle will be lower than a new one, you will also save on sales tax when purchasing. Sales tax on new cars can exceed thousands of dollars, but this is not the case when buying a used car. If you are financing your purchase, you will also save money in interest charges. This is because the loan amount that you are paying interest on will be lower.
More Flexible Purchasing Power
When buying a new or used vehicle, you have a budget to work within. Going over that amount could result in having to work more hours at your job just to be able to afford the vehicle. That is why it is important to stay within the set budget for the purchase. When buying a new car, your budget will greatly limit your options. Typically, a new truck costs more than a new car. For those who want to purchase a truck, this is not good news. A Nagpur used truck is not as expensive as a new one. There can be thousands of dollars difference between a new vehicle and a used one. Also, when buying a used car, you will be able to choose from a wider variety of vehicles because the cost of a used car is less than that of a new one. This flexibility is something that you do not enjoy when buying a new vehicle.
Extend the Life of the Car
Saving money on a used car allows many freedoms that you may not get with a new vehicle purchase. With the savings that you can get with going the used route, you can use that money to extend the life of the vehicle by purchasing an extended warranty plan for the vehicle. A warranty that covers 100,000 miles can make purchasing a used car the smarter move. An extended warranty will cover the cost of premium parts and labor at a certified auto shop, extending the life of your purchase. Depending on the vehicle, it is hard to find a new car that has a 100,000 mile warranty on it.
There are many advantages to buying used that a new car does not offer. Having a lower monthly insurance paying can save your thousands and extend the wallets life. Paying a lower out-the-door cost at the dealership is also another plus when purchasing a used car. When buying a new car, those costs can add on thousands of dollars to a vehicle that only depreciates in value as soon as it is driven off the lot. Maybe you want a model, option package or even a specific wheel design that has been discontinued and is no longer made. Buying Nagpur used gives you a wider selection of vehicles to choose from to find these options. There are many reason to buy used that buying new does not offer. These are just a few examples why buying used makes more sense.