Used Cars Are Selling More than New Ones This Year
Buying a car is a dream harboured by many but with rise in prices of all commodities it is becoming difficult day-by-day to turn this dream into reality. If you are well off financially then you can always opt for a brand new car with new technology and modern gizmos but for those of you who are on a stringent budget it is better not to stretch your budget by leasing to get a high tech car. In such a case it is better to buy used cars while is still in top notch condition that drills a smaller hole in your pocket after carrying out a proper car valuation.
After a home, a car is typically the second most expensive purchase anyone makes and settling on a new vehicle is not a decision that one can take hastily. One can buy a new or used car from car dealers or even opt for the online mode for a more direct approach, but for used car purchase the valuation of the used car is a necessary first step. Buying used cars are no longer looked down upon. Thus the sale of used cars have gone up by a huge margin this part year. Not only that the GST also has had some role in the increased sale of used cars this year due to reduced price of used cars.
But is buying used car only advantageous because it costs lesser than a newer one? Well the answer is No!! Car depreciation is a major downside for new cars. Once you roll those wheels on the road a new car loses its value by a huge margin, as much as 40%. But you do not have to worry about it in case of used cars. The resale value hardly reduces in case of used cars unless it undergoes huge damage.
One also faces lower insurance rates with an older car. This is because it would be less expensive to repair or replace a used car if it were stolen or in an accident. Annual registration fees are also less expensive for older cars.
One might seem apprehensive in buying a used car because of the baggage it may possess in the form of repairs. But now a day all the second hand cars at dealership companies go through various checkpoints such as tyres, steering, interiors, body panels, body and frame, suspension, vehicle and owner details, brakes, accessories, engine/transmission/clutch, exteriors, battery, electronics and AC/heater prior to sale.
Buying a used car is always riskier than buying a new car, because you don’t know with 100-percent surety where that car has been and how it was treated, and there are no guarantees that significant problems won’t arise before you’ve got it paid off. The good news however is that today’s vehicles are better than ever with detailed vehicle history reports that can reveal important details about a car’s past.
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