When it comes to the toss up between buying a used car versus a new car, most of us would quickly opt for the latter. However, second-hand cars come with significant advantages which are commonly overlooked. And depending on your needs and preference, buying a used car could be more beneficial for the following reasons:
5 Overlooked Advantages of Buying a Used Car
1. You Save Money Without Losing Value
Buying a new car costs you 50% more than a used car. And considering new-car depreciation, which drops in value by 30% within the first year, buying a used could mean driving the car of your choice while still saving a huge chunk of money.
2. Depreciation Has Already Occurred
The value of new cars depreciate faster than just a year, in fact, by simply driving a new car home it depreciates by 11%. Investing in a used car means the depreciation costs have been paid by someone else, and your car’s value doesn’t drop tremendously.
3. Insurance Gain
Besides insurance premiums being higher on used cars, new cars require extra coverage called gap insurance. Gap insurance considers the change between the car’s purchase price at the time and the actual value of the car when the accident occurred. However, when it comes to used cars, no extra coverage is needed as the car has already experienced its depreciation.
4. You Can Customize At-Will
Forget about expensive dealership add-ons, with a used car you’re able to make your own customisations using the cheapest prices if you will.
5. It’s So Much Better For The Environment
Something commonly overlooked is the environmental impact of car manufacturing on the atmosphere. In fact, manufacturing a car creates as much carbon dioxide as driving one. By choosing to buy a used car over a new one, you are actively reducing your carbon footprint and the overall carbon dioxide output.