What are the Benefits of Buying a Used Car?

aerial view of used car dealership lotWhen buying a car, we often consider the type, make, and model. However, most people should also consider whether to buy a new or used car. If you want a warranty, go for a new car. However, there are surprising benefits to buying a used vehicle. You can enjoy minimized depreciation and reduced insurance costs. Additionally, Myers Chrysler Dodge Jeep Ram adds that there are a lot of used cars for sale in Bellevue, Ohio so you will surely find something that suits your needs and lifestyle.

Minimized Depreciation Rates

The value of a new car depreciates at such a rapid pace that it already loses 20% of its value the minute you drive off with it right after purchase. Furthermore, most cars lose another 10% of its value during its first year. So you already lost 30% of its overall value during your first year of ownership. To avoid this, why not buy a used car instead? Although it’s rare to find a one-year-old used car, a two-year-old or three-year-old used car is nearly the same.

Affordable Insurance Costs

One of the major factors that affect the cost of your car’s insurance is its value. Used cars are priced less than new ones, so the cost of the coverage will also be significantly lower.

Low Cost-to-Resale Ratio

Another advantage of used cars over the newer ones is the fact that should you decide to sell it, the selling price will not differ too much from the original price as long as it is well-maintained. It’s also possible to sell it at a higher price if you repair it, add special details, and equip it with extra features.

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Reduced Registration Fees

Just like with insurance, car registration fees are often determined by the transaction price of your vehicle. So if you bought it for a lower price, the registration fees will also be not as high.