While purchasing new cars is a tempting choice, it can become pretty expensive. Financing is often easier with newer cars, and they also come with advanced features and technologies. However, getting a new car might not be a financially sound decision all the time.
For the people looking for car sales in Ottawa, the process has never been easier. Nowadays, there are online portals where you can easily contact any car dealership and look for trade-in vehicles. Getting a used but efficient vehicle is one of the best decisions you can ever make – it does not only save you a lot of money but it also helps the environment in the long run.
Why Should You Buy Used Cars?
As stated earlier, buying a used car comes with a lot of good outcomes. Here are some of the reasons why buying used cars is a smarter choice in the long run:
New Cars Depreciate Immediately
If you are planning to buy a new car, remember the moment you buy a new car, its monetary value goes down. While some models do hold the value for a while, most of the time, the depreciation occurs at 30% of the total value the very first day. New cars are long-lasting. Nevertheless, incurring so much loss in the first year is not a smart decision to take. If you have borrowed money to buy a new car, you are already losing 30% of its total value by paying for it. No matter how you regard this, a new car does not qualify as a good investment when you are losing money so quickly.
Get Better Deal for Your Money
While the depreciation of the new car would be a bane for sellers, it should be a boon for buyers. As a buyer, you would be getting at least a 30% reduction on the old car. The reduction would increase with the model and quality of the car you are buying. For instance, buying a 3-year-old car would cost you less than buying a year-old car.
Old Cars are Already Certified
Buying cars can be very anxiety-inducing – be it new or old. Most people are still on the fence about investing in old cars. To make buying used cars less anxiety-inducing, dealers are providing certified pre-owned cars. Having the documents beforehand helps the buyer become less anxious regarding the old cars. Many dealers and companies also let you purchase an extra warranty to provide peace of mind.
It is Hard to Beat Used Car Variety
Every year, car manufacturers are offering over 300 to 400 new models to their clients and customers. However, the second-hand market has more variety than this. You might not have your dream car in the new group. However, you might be able to find it in second-hand markets. Most cars stay for a short time before car manufacturers move on to newer models. In that case, buying used cars would help you get the best deal possible.
Used Cars Have Data
One of the best things about used cars is having all the previous data to determine their reliability. Manufacturers change the parts like new engine, transmission, suspension and electronics, every few years. It is hard to determine the reliability of the new parts with the old data of the outdated ones. In the case of old cars, you can find all the data easily. You can also find out the exact costs of the old cars in your area before making a deal.
It Cuts Up Your Insurance Costs
Insurance cost is one of the important factors to consider while buying a car. You should always have an insurance policy. Typically, the more value a car has, the more the company would pay if the vehicle is damaged. Subsequently, a used vehicle is going to cost less to replace.
It Cuts Down Your Registration Fees
While this does not apply everywhere, but in most places, the registration fee of a car depends on its age. So, a used car would have a lower fee for acquiring registration documents than a brand new car.
Cars Have a Longer Life Span
Cars are becoming more and more long-lasting nowadays. You can no longer put a cap on 100,000 miles. While it is important to get the car tested by a trusted mechanic, the truth is you should no longer be deterred by having 100,000 miles on the odometer.
Used Cars Have Vehicle History Reports
Many dealers and companies provide vehicle history reports to avoid pitfalls like salvaged titles, flood-damaged vehicles, fraud, and more. However, having a vehicle history report is still no excuse to not get the car checked by a qualified mechanic.
The Aftermarket Community is Becoming More Prevalent
Since more and more people are opting for used cars and other products, there are various forums and websites to help buyers with information. You will not be in the dark while planning to buy a used car. There are tons of information available to satisfy your curiosity.
While buying used cars is seen as a major form of gamble, there are many programs and online portals available to help you make a sound investment.