When buying a vehicle, price, styling, and reliability are all very high on the list of things people want. One of the best ways to guarantee all of these things is by purchasing a late-model used car. One that is only a few years old provides many of the same advantages as a new automobile. At the same time, you can also save yourself a great deal of money. Here are just a few ways in which used cars can help you get the most for your money.
You’ve probably heard that a new car will depreciate a few thousand dollars as soon as you drive it off the lot. That’s one factor that hasn’t changed over the years. You begin losing money as soon as you sign the paperwork, and you will take a big hit during the first few months. Some experts believe that vehicles depreciate between 20% and 30% during the first year.
More Affordable Payments
When financing a used car, a good rule of thumb is that your payment should be no more than 20% of your monthly take-home pay. You should also set aside money in your budget for fuel, maintenance, and insurance. When you calculate all these costs, buying a new car is financially out of reach for a number of people.
Lower Taxes on Used Cars
You will need to pay sales tax on your vehicle regardless of whether it is a new or used model. The amount of sales tax you pay is directly tied to the selling price. So naturally, that means that you will owe less money in taxes if your purchase price is also lower.
Costs Less to Insure
Car insurance rates are directly tied to the cost of your vehicle. After all, an insurance company must consider how much it would cost to replace the vehicle if it were totaled in an accident. Accordingly, you will pay much more in monthly premiums if you buy a brand-new automobile.
It Is Easy to Research Used Models
There is more information than ever about different makes and models these days. Consequently, by doing a little research, you can better predict which models are likely to experience reliability problems. In that way, you can better choose a vehicle that will be every bit as dependable as a brand-new model would be.
Used Automobiles: The Best Deal for Your Money
A lower sales price, along with reduced taxes and insurance rates, means that you can save a bundle by purchasing a pre-owned vehicle from Rome Pre-owned Auto Sales.
If you want dependability but feel that a new vehicle is out of your reach, consider one that is just a few years old instead. In doing so, you can enjoy many of the benefits of a new car without getting in over your head financially.