Everyone loves driving a brand new car but what if you cannot afford it? Purchasing a second-hand car gives you almost the same satisfaction as a new car and it provides quality transportation for many years. The biggest advantage of buying a used car is that you let someone else take the biggest depreciation hit on the car. Did you know that new cars depreciate faster than used vehicles? The minute you buy a brand new car and it leaves the car dealership, it depreciates in value. Even if you take excellent care of your car, it simply can’t hold its original value. For every year that you own your car, it depreciates by about 20% in value.
A second hand car will get you from point A to point B just like a new one and often makes much more financial sense. Of course, you will need to do some groundwork and if you do some intense shopping around, you’ll find a good deal and other people might not even be able to tell the difference!
Here are other benefits of buying a second-hand car:
1. Buying a Used Car Saves You Money
On average, used cars prices are almost 50% lower than new cars! You will be able to pay off a used car much faster, saving you financing fees.
2. Cheaper insurance rates
Your wallet bleeds less monthly! Depending on the model, your insurance rates may be lower on a used car as opposed to a new one.
3. Wider selection of inventory to choose from
If you buy a used car, as opposed to a new car, you have a wide selection of inventory to choose from. You can even buy a model that is no longer in production. Another advantage is you’ll get to read endless reviews on the model that you intend to buy.
4. No taxes and unnecessary fees
If you buy a used car from a private party, you can avoid some of these random fees.
5. Save on repayments
You can usually get better terms on your hire purchase loan for second hand cars. One option is to choose to pay the loan in a shorter tenure – five years instead of nine. The other is to just enjoy lower monthly repayments. If you have some cold hard cash, you may even consider buying it with cash to enjoy a loan-free and worry-free drive for the next few years.
If you are buying a used car from a seller living in another state, you will need to make arrangements for the car to be shipped to you if you cannot be there in person to drive it back to where you are. There are many things to consider when selecting a shipping company to transport your car, ranging from price, security to availability. The first step you need to take in finding the right company for you is deciding which type of car shipping service you need. You can learn more at Shiply, a platform where you’ll find hundreds of car shipping companies who are able to give you instant quotes of up to 75% cheaper than usual rates.
If you’re currently intending to buy a car that requires it to be shipped to you via land or sea, or if you want to ship your car back to your home country, why don’t you consider Shiply?