What are the Benefits to Buying a Used Car Rather than New?
We know that buying a car is always a huge decision. And next to figuring out what make and model you want, the biggest debate you’ll probably have when it comes to car buying is, “Should I buy a new or used car?”.
Today, the team here at LaFontaine Hyundai Livonia will outline some benefits of buying used so that you can go into your next car purchase better informed.
Unsurprisingly, buying a used car means you’ll typically pay a lower price. Usually, you can buy a car that’s a few years old for significantly less than a brand-new version of the same car. And if you’re financing, you can pay a considerably lower monthly payment. Get get in contact with our Hyundai financing department to learn more.
You’ve probably heard that cars depreciate quickly. In fact, most new Hyundai models lose as much as 20 percent after the first year. Once you get past that initial drop, however, depreciation happens more slowly.
Even buying a car that’s just a year or two old can help you avoid the most depreciation. This can affect not only you’re financing but your resale value as well: when you sell a car that you bought new, even only after a year or two, you more than likely won’t get much back. However, if you bought a car used you can usually make most of the money back upon resale.
Car insurance companies determine your premiums based on what they expect to pay out in the event you’re in an accident and have to file a claim. When you have a cheaper car, it’s cheaper to replace if you total it. As a result, drivers typically pay lower insurance rates for driving used cars.
Lower registration fees
Some states base the cost of vehicle registration on the vehicle’s age. Brand-new cars have the highest registration fees, and the rates gradually decrease as your vehicle ages. If you live in a state that calculates registration fees by age or value, then you’ll save money each year with a used car.
The next time you’re in the market for a new car, visit our Hyundai dealership in Livonia, MI and we can assist you with choosing a new or pre-owned vehicle that’s right for you.