Buying a car is one of the biggest investments people make other than buying property, so there’s a lot of decision making involved. This post gives you a couple of handy hints and facts that will help you out with your decision making process if you’re considering buying a used car.
One of the main benefits of buying a used car is beating that pesky depreciation. When you buy a used car, you’re likely to save a whole lot of money as opposed to buying a new car, especially if you research your options well. Buying a used car will mean depreciation is working in your favour. New cars depreciate typically between the range of 15-35% in their very first year of ownership, then up to 50% afterwards
The Most Cost Effective Models to Go For
Electric and Hybrid cars tend to depreciate at a high rate, so if the upfront cost of an energy saving vehicle puts you off buying a new model, you stand to save a lot of money if you look into a used one. The upfront cost of electric or hybrid vehicles tends to be what puts buyers off, but buying just a 12 month old Nissan Leaf could mean thousands in depreciation saving and fuel savings.
A Good Variety
If you have your heart set on an older or more specific model, you can buy a used model for a fraction of the price that a new one would cost. This basically means that you can buy your dream car at a discounted price. With a virtually limitless supply of used vehicles, you’ll have a great catalogue to choose from. So, if that new manufacturer’s update model rubs you up the wrong way, getting the previous model will work financially in your favour.
A Smart Decision
All in all, buying a used car is a smart financial decision. Even after a year, the depreciation percentage will be significant enough to make a used car a bargain. Always do your research into the model and go for a reliable dealer like Shelbourne Motors. A good thing about used cars is the fact that once they’ve been on the market for a while, you’ll have a wealth of expert and user reviews to help you decide on a model. If you have your eye on a car that is notorious for high rates of depreciation, or a car that’s expensive to buy new, this is a really good way to get what you want at a vastly reduced cost.