If you are trying to decide between buying a brand-new vehicle and one that has been slightly used, there are a lot of things to consider. Both types of vehicles have their advantages and disadvantages, but your decision also depends on your budget, what you’ll use the vehicle for, and whether or not you’ll want to sell it in the near future.
Some people enjoy knowing that nobody has owned their vehicle before them, but there are plenty of pre-owned vehicles that have only been lightly used. The following are some other reasons why used vehicles are a better option than new ones.
A Greater Variety of Vehicles
Perhaps there is an older vehicle model you liked that has been discontinued or which isn’t currently being sold brand new.
When you browse the brand-new vehicles, you sort of know what to expect. With the used lot, however, you may never know what you are going to buy. This goes for big dealerships that stick to one brand as well. Their pre-owned car lot is often much more diverse than their selection of new cars, so it’s often possible to find something unique.
Lower Insurance Costs and More Affordable Fees
Second hand cars in Canberra are more affordable than new cars in the first place, but to add to that, they tend to come with less expensive registration fees and lower insurance costs. Granted, the insurance costs of some old vehicles can be on the high end, but in general, the expenses of a brand-new vehicle are higher than those of a pre-owned vehicle. This is great if you are on a tight budget.
Less Dramatic Depreciation
When you buy a pre-owned vehicle that is more than three years old, chances are that its value has gone down about 50%. Brand-new vehicles depreciate fairly quickly, which is why pre-owned vehicles are more affordable in the first place, but the rate of depreciation for pre-owned vehicles is considerably lower.
In other words, if you buy a brand-new vehicle and decide to sell it just a few years later, its value will have dropped dramatically. A pre-owned vehicle, on the other hand, is likely to sell closer to the price at which you bought it.
Potentially Get More Out of Your Budget
Depending on your budget, a new vehicle may bring you close to your spending limit, but with a pre-owned vehicle, you can potentially get a lot more for less.
For example, your budget may only allow you to buy the basic model of your desired vehicle, but with the same budget, you could potentially find a luxury or feature-rich vehicle that’s just a couple of years old. With more affordable insurance costs, registration fees, and maintenance costs, it won’t be as much of a financial burden to own the vehicle, so you might also have more money to work with in the future.
Of course, this depends on the vehicle and the budget. Those with higher budgets may not be in the same situation.