The fact that used cars typically sell for less than brand-new cars is not a well-kept secret. In fact, the lower cost is often the primary reason that people choose to purchase a used car rather than a new one. However, the lower purchase price is just one of several reasons you should consider buying a used car. Below you can learn more about three of the lesser-known benefits that accompany the purchase of a used vehicle.
#1: Access To Discontinued Features
Car manufacturers will often change what factory features are available on their new car models to keep up with technological advancements. While some cutting-edge features can be nice, you may find that the features you were really hoping for are no longer available. For example, with so many people using digital streaming services for their music these days, it is becoming less common for vehicle manufacturers to offer the option of a CD player in their vehicles. If this is a feature you desire, choosing to buy a used car rather than a new one will allow you to gain access to this and other discontinued features.
#2: Slower Depreciation
Both new and used vehicles will depreciate in value over time. However, brand-new cars depreciate at a much faster pace over the first few years of their lifetime. As a result, you will find that your vehicle will be worth significantly less just one short year after you buy it. In fact, some people will find that they owe more on their auto loan than their vehicle is worth during the first few years they own the vehicle as a result of the high rate of depreciation. While a used car will also depreciate in value, it depreciates at a slower rate. This ultimately means that you will be able to recoup a larger percentage of your investment if you should choose to sell your used car in the future.
#3: Lower Insurance Rates
Car insurance policies typically max out at the value of the vehicle that is being insured. Since used vehicles are worth less than brand-new vehicles, the maximum insurance payout for these vehicles will be less even if you choose to purchase full coverage for the vehicle. Consequently, you will often find that it is cheaper to insure a used vehicle when compared to a brand-new vehicle. This is yet another way that choosing to purchase a used car can help save you money.
Contact a dealer to learn more about used cars like a used Kia Forte.Share