Your car may be the second most expensive purchase after your house. There are many questions involved throughout the process of buying a used car.
The topmost questions remain whether you should purchase a used car or a brand new one. The tips given below will simplify matters for you and allow you to know the benefits of purchasing a used car.
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Lower Price and depreciation: You must remember the old adage that a brand new car loses thousands of dollars in value as soon as you have it and drive it off the lot. The old adage still holds value and that’s the reason purchasing a used car may provide you better deals and lower cost in comparison to purchasing a new one.
According to consultants, the cost difference between a brand new and used car may stay around $20,000. Brand new cars may eliminate a large portion of the value immediately after being pushed in the lot. As they’re cherished by the new car owners, they undergo a punch in their guts when wear and tear necessarily happens on a daily basis.
According to experts, some new cars may lose almost 40 percent of the value from the very first year. But when it comes to used car, there’s absolutely no such depreciation the minute you drive it off the lot since you might have missed out on the significant drop in value that normally happens in the first year of purchase.
And, you’ll also have the ability to sell your used car for the exact same price you paid for it in another few years.