Purchasing a car is always about your pride and a symbol of your social status. However, this is only the case for the people who invest their money into buying used cars. For people who cannot afford a brand new car, buying a second hard car becomes the only option.
Most people might think that buying a used car will hurt their pride and never think about getting one for themselves. However, what if we tell you that buying a used car makes more financial sense than buying a new car of the same model.
This article will discuss the benefits buying a used car brings to you and how they are underrated just for the sake of maintaining your price and social status.
Why Buying An Used Car Is A Good Decision?
Most people think of cars as assets, and a luxury item trio showcases your social standing. But that is not the case for the majority of people out on the roads. For most people, a car is just a way to transport from one place to another.
Hence, investing in something that holds no more value than a medium to transverse from point A to B. In fact, buying used cars with the help of Carantee is the best decision you can ever make when you are on a tight budget. Furthermore, with the used car market, you get more options to choose from a particular budget range that the new car market can not offer.
If this excites you and you want to experience the sheer diversity the used car market can bring to you, why not visit used cars for sale in Singapore.
With that said, let’s look at what buying a used car brings to the table.
1. Saves Money
Buying something that has been used once means you will get the same product at a lower price in the market. Hence, you can save a lot of money right there. When a car is in the showroom, it has a certain price tag right. But once the cat is out of the showroom, it loses its market value by almost 10%.
In addition to the car’s total price, there is hardly any extra cost you have to go with, and you can use those savings to further upgrade your car.
2. Slower Depreciation
Perhaps this is the best thing about buying used cars; their value depreciates at a slower rate than the new car of the same model. But, unfortunately, this is one of the facts that most car owners are not aware of. Every car has a depreciation value attached to it.
When you drive the car out of the showroom, the car’s value starts depreciating from day one. Usually, the depreciation rate for the first years is 25% – 30% and 10% – 15% for the second year.
But that is not the case with the older cars. The depreciation rate is a lot slower, and even after you sell your car after one year of use, there will be only a sip of difference.
3. Insurance Is Comparatively Cheaper
The used car market is getting organized. What do we mean by this? The used car market is expanding slowly and making an effort to make it more efficient. Most car manufacturers have their own pre-owned division that looks after buying and selling old and used cars.
Hence, you don’t have to worry about high EMIs and the insurance that come with the used cars. In fact, there are some car manufacturers that give car loans with ZERO down payments.
As you read, buying a used car is beneficial in many ways and takes off a significant load from your pocket. Not only do you have options, but you can also look for bigger cars under a good budget. And the best thing is that buying a used car has become super easy nowadays.
There are multiple websites and platforms that are selling authentic used cars with the right paper woks. So, what are you waiting for? Upgrade your old car with a new, used car.