New vs. Used Car – 6 Benefits of Buying a Slightly Used Car for Cheap
When shopping for a new or used vehicle, it comes down to your personal preference and peace of mind. Newer vehicles typically cost more but come with the latest features, while used vehicles are more budget-friendly but might not be reliable.
9 Advantages of Buying a Used Car Instead of New
Older vehicles are typically cheaper to insure because they're less valuable than newer vehicles. ... When your car is less valuable, it means your insurance company has a lower liability. The cost of repairing your vehicle might roughly be the same amount of money.
Going for used purchase means you have to pay a lot less than the original value of the car (depending on year of manufacture and kilometres done) which means you can save some serious money. Consider the example of a new Maruti Suzuki Swift Lxi available in New Delhi, costing close to Rs 5, 28,057 on road.
It's not fair or right, but new cars depreciate faster than used vehicles. ... To put it simply, if you buy a brand new car without a down payment, or if your monthly loan payment isn't high enough to compensate for depreciation, you could end up owing more than the vehicle is worth.
Mileage will vary between vehicles, but a decent rule of thumb to follow is that people drive an average of about 12,000 miles a year. Therefore, 120,000 miles would be a good mileage for a used car that's about 10 years old. Of course, some cars will have less or more miles on the odometer.
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The advantages of buying a used car or a CPO are numerous, here are just a few:
Older cars are cheaper to insure than newer cars, all else being equal. Older cars are cheaper to insure main because they are less valuable, so an insurer won't have to pay out as much in the event of a total loss. ... But a car's age actually has less of an impact on insurance premiums than its make and model.
So for used car shoppers, purchasing a car that's two to three years old and driving it for three years results in some of the lowest costs for recent model cars.
Used cars are typically cheaper to insure than new ones, but not always, so don't guess. Our used vehicle insurance rates tool gives you an average cost, so you don't have to call or go online to get a quote for every car you see in your car search.
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