After your investment in a home, your car might be another big investment or expensive purchase that you are considering making. But at the same time, you need to manage your finances in the best way possible without trading off on your love for nice cars.
Although, there are certain pros and cons of buying both a used car and a new car. But definitely, there are more advantages to buying a used car than a new car, so if you are in Ottawa and want to buy a nice used car, then The Car Club is the place for you because they offer the best used vehicles in Ottawa.
Here are the other reasons why a used car could be most appropriate for you. And to start with, the major reason is that it can save you a lot of money.
So, let’s start with our first and foremost reason which is:
1. Helps You Save Money
We all prefer a used car for the most obvious reason, which is to save a good amount of money. But do you know, on average, how much Americans spend on new vehicles? According to research by Kelly Blue Book, they spent around $36,113 on light new vehicles for the year 2017. Which is up by around 1.6 percent in comparison to 2016.
However, when you look at the average-transaction-price (ATP) of used vehicles in America, according to the data for the second quarter of 2017 by Edmunds, the figure is much lower. According to this particular data, Americans spend an average of $19,227 on used vehicles.
Meaning that, on average, an American can save around $16,888 by opting to buy a used car and that certainly is a lot of money.
2. Less Depreciation
You must be aware that new cars depreciate. But do you know that new cars depreciate fast?
The minute, you are done with your first ride in your brand-new car, it has already depreciated in value. It is no longer a new car, and you will never get back the original value that you have paid for the purchase. And by the time it completes a year, it will lose around 19% of its value. And in another two or three years, a new car could lose around 50% of its value.
So, it is better to buy a used car, as you can drive it until your heart wishes and then just sell it off to buy another favorite model. Not to mention, you will lose a lot less money.
3. Lesser Insurance Cost
Insurance is an added issue that comes when you purchase a new car. Whereas, with a used car, you do not need to worry about it to get it insured. The value of the car is the major factor examined by insurance companies while computing your insurance rates.
Basically, if the car is valuable, then the insurance companies have to put in more money, in case of a mishap with the vehicle.
Hence, it is best to purchase a used car instead of wasting your money on a new car. So, what are you waiting for? Contact The Car Club at 343-341-4790 today!