Shopping for a vehicle can be a fun experience, but it also gets stressful, especially when you’re not sure what you want and you’re overwhelmed by your options.
One way you can immediately narrow things down is when you stick to buying used cars in Bareilly. There are plenty of great new cars available, as well, but you pay a premium for those solely because they’re new. Is the fact that you’re the first owner of a car worth thousands of dollars to you? Because that’s how much more a new car can cost than a one-year-old used model.
If you’re on the fence about whether you should get a new car or a used car, here’s why we recommend going with used cars in Bareilly.
New and Used Cars Depreciate – But New Cars Depreciate Far More Quickly
Depreciation is a fact of life when it comes to cars. These aren’t something you invest in and make your money back, like you can with real estate. The only exception to this rule is if you get the right exotic car or classic car, but even then, there’s no guarantee it will be worth more when you want to sell it.
For most cars, you could easily draw up a graph of what’s going to happen with their value. The highest point will be when it’s new, followed by a steep initial drop, which is what happens when someone buys it and it goes from new to used overnight. This is followed by a strong, consistent decline in value for the next several years, and then a slower decline over the rest of the car’s life.
You’re likely losing money either way when you buy a car. But when you buy used, it’s a slow, gradual depreciation. When you buy new, you lose much more.
Insurance Costs Less with Used Cars
Obviously, your insurance premiums depend partially on the exact type of car you’re driving and your driving record. However, compare a new car and the same car, but used, and the used car will cost you less every month to insure.
There’s also another cost you should keep in mind if you’re planning to get an auto loan to finance a new car – gap insurance. This is an additional insurance coverage option that ensures you’re covered if you total the new car and it’s not worth what you have left on your auto loan when you do. Without gap insurance, you would end up still owing thousands on a car you totaled. When you get a used car, you don’t need to spend more money adding gap insurance to your policy.
You Can Spend Less on Your Car or Get a Better Car for the Same Amount
If you’ve been browsing new cars, you may be surprised regarding the type of deals you can get just by going for Bareilly used cars instead.
Since new cars are much more expensive than used cars, you could end up with a much higher-quality car simply by opting for an older used car instead of a new car. Perhaps you look into a BMW or a Lexus from a recent model year instead of a new Kia or Toyota.
Another option would be to go with the make and model you originally wanted, but choosing one that’s a couple years old instead of one that’s new. This decision could easily save you thousands of dollars, and if you find the right bargain, it could cut what you pay in half.
You Can Trust the Reliability and Performance of Used Cars
You may have heard that it’s better to buy a new car because you don’t need to worry about reliability or what the car has been through in the past. In the past, this would have been great advice, but at this point, it’s outdated.
Car technology has grown in leaps and bounds. It’s no longer uncommon to see a car keep going strong after it reaches 200,000 and even 250,000 miles. You’re not getting a car on its last legs with a used car; you’re getting one with plenty of life left.
There’s also no mystery regarding a car’s background anymore. Pull up a vehicle history report on your computer and you’ll know everything you need to about it.
If you want a great car without spending a fortune, buying used is the right move.