Sure, a slick, new vehicle you’ve seen in a television advertisement is an attractive option for financing, and has all the bells and whistles. It has caught your eye, but is a brand new car really right for you? What are the other choices you have in a Syracuse dealership aside from that shiny new vehicle? Well, used cars. Yes, they’re also worth considering.
A new car is one purchase that has become a very high-value investment for the common man. It makes sense since the auto industry actually is changing rapidly. Car prices are going up, and expect the trend to continue in the next few years. That means new cars are only getting costlier each year. Quite ironically, however, despite the steady price rise, a car’s average life span is going down. If you’re a potential buyer of a used car in Syracuse, then, that’s a piece of good news for you.
So, which is which? A used car or a new one? This post thinks the former is the better choice, and below are the reasons why.
- Saves You Money
A new car enters the used car territory only less than a minute after going straight out from the Honda City showroom or other dealerships in New York. During that time, the vehicle has also already lost eight to 10 percent of its original purchase price. Depending on the kilometers done on the car and its year of manufacture, going for a used one, on the other hand, means you have to pay significantly less than the vehicle’s original value. That, of course, only points to one thing–you’re saving some serious money from your purchase.
- No Exaggerated Fees
Some prices for new cars include hidden advertising fees, and they can actually be as high as a thousand bucks. Add to it the dealer preparation, destination fees, shipping charges, and other crazy fees that come with purchasing a new vehicle. A deal on a brand new car might look great, yes, but when you compare it to a used one that generally has no hidden fees, it just becomes a less ideal option. A doc fee may still be charged to you for buying a used vehicle, but that can only be up to a few hundred dollars.
- Minimizes Depreciation
Did you know that during the car’s initial year of ownership, it already loses 30 percent of its value? As previously mentioned, new vehicles typically depreciate when they’re driven off the lot, and that’s about 20 percent loss in value. Another 10 percent will, then, be lost during the first year, for a total of 30. Say, for example, you have bought a car worth $35,000–that’s roughly $10,500 worth of depreciation during that period. Buying a used car, especially a one-year-old unit, can help you avoid that hit.
Depreciation usually flattens out after the second year of a car. It’s when the depreciation rate dips before actually increasing again in year five. Also, it’s possible for you to buy one, drive it, even go on a road trip with your kids every weekend, and, then, sell the vehicle with little equity loss if you choose the right used car.
- More Affordable Registration Fees
The first years after the manufacturing of a car generally see registration fees start falling dramatically. It’s true in most states, including New York. As you probably already know, the model year of your car and its value are the primary basis for the rate of the annual registration fee you’ll get. That means you can actually save around a thousand bucks by buying a vehicle that’s five years, or at least three years old. This way, you can avoid the high new car registration fees. Keep in mind that the first three years of a vehicle is when the rate is at its highest. It will, then, level off five years after.
- Certified And Thoroughly Inspected
What are CPOs or certified pre-owned vehicles? These are cars that have undergone inspection, refurbishing, and have been certified by a certifying authority in Syracuse or the manufacturer itself. The certification assures that the vehicle is of high quality. CPO vehicles assure potential used car buyers that they’re getting a thoroughly inspected, high-quality car, and one that’s also a bargain. Certified pre-owned vehicles also often offer special financing, extended warranties, and other benefits.
- Reduced Insurance Costs
You can save even more cash when buying a used car because of some car insurance elements being dropped. Like the registration fees, insurance companies look at one essential factor when determining the insurance cost of your car–its value. That being said, the insurance cost should be less in used cars because they actually have less value than newer versions.
Another beauty of buying a used vehicle in Syracuse is the aftermarket communities’ unyielding potential. There’s a corner of the Internet that’s devoted to car owners like you. It’s true whether you’re shopping for a Studebaker Dictator or a Honda Civic. In addition, the common problems that surround used models have been solved already, unlike those that belong to the new-car market.