Three Main Incentives to Buying a Used Car

February 25th, 2016 by

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Everyone, regardless of their budget, wants to drive around in a brand new vehicle. Besides the various novelties that accompany a new ride (like that distinctive smell and the untouched mechanics), a new car can also prove that you’re capable of making a larger purchase.

However, these positives shouldn’t dissuade you from pursuing a used vehicle. There are several advantages that accompany a used vehicle, which we’ll outline below. Once you’ve decided to replace your current ride, you’ll have a better understand of why you should be visiting used car dealerships in Albany, New York

Financial Incentive

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Well, this is rather obvious, isn’t it? Used cars are predictably less expensive than new cars. However, you may not realize how much you’ll actually be saving, as Christian Wardlaw of the New York Daily News notes that the difference could actually be close to $14,000. This isn’t all that surprising, as vehicles begin to depreciate in value the moment they’re first driven off the lot. The value continues to steadily drop for the next five or so years.

There will be several other general savings if you pursue a used model. Wardlaw points to lower insurance rates and a lower sales tax. Registration may also cost less depending on where you live. However, as the writer cleverly passes along, you should be considering these added savings as a payoff for higher/more frequent repair bills. You have to take the good with the bad, after all.

Allows Buyer to Pursue a Better Car

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Considering the general savings on pursuing a used car, you may find that you can get more bang for your buck. Therefore, you can pursue a more luxurious or capable vehicle than you’d normally never pursue new. If you’ve always wanted that fully-equipped SUV or speedy racecar, you can now afford to get your dream car (assuming it fits within your budget).

Of course, one major factor in pricing used cars is the number of miles on the odometer. However, you’ll still find a considerable savings on used vehicles with only 30,000 compiled miles!

Plus, since you can now look at a larger spectrum of vehicles, your selection is greater. Sure, you may have to search a bit for a particular model, but you’ll now be able to consider significantly more models and brands.

Favorable Financing

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Sure, interest rates are generally higher for used car loans, but those rates are currently at historical lows. As Wardlaw writes, this means these dealers can include enticing financing options.

For example, the writer uses a Volkswagen as an example. With 2.49-percent financing over 60 months, a relatively expensive vehicle can cost you less than $400 a month. Of course, you’re only going to find these types of deals at an actual certified dealership.

 

There really aren’t many situations where a used car wouldn’t make sense for a customer. Sure, new cars are generally more reliable, and you may not find a used car that’s accompanied by a warranty. Still, considering all of the financial incentives, it really makes more sense to opt for a used ride.

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