Deciding to buy a used car over a shiny, new car can seem like a disadvantage. After all, new cars usually run without any mechanical repairs within the first few years. You will be the first and only owner of a new car. And new cars reflect the latest in technology and automotive style. But there are also advantages to buying a used car.
Affordability
Since there are so many used cars available for sale, it is likely that you can find one that you can afford. Many buyers can find a used car for as cheap as $500. And many used cars sellers are open to negotiation, which further increases the chance of you getting the used car you want at a great deal.
No Monthly Car Note
Many buyers of used vehicles will pay cash versus buyers of new vehicles. Since there is no financing attached when paying cash, used car owners will not have a monthly note attached to their purchase. You can, however, finance a used vehicle through your bank if you need to. Used car dealers will have financing available at their dealerships. And banks can approve you a car loan for used vehicles. Some banks, however, prefer that the vehicle not be too many years old. You have to check with each financier for their specifications.
Cheaper Insurance and Registration Rates
Insurance rates are often cheaper for used vehicle owners. Insurance rates will often decrease as the age of the vehicle increases. Replacement cost and repair for those vehicles are often cheaper as time goes on. Many states will also charge less to register vehicles that as they get older. So those buying a used vehicle will save money on registration fees versus new car owners.
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