Why Should you Purchase Used Cars?

Everyone is looking to purchase used cars owing to the benefits you can reap from them. However, while used cars seem like the best way forward, it can be a task to purchase the right used car based on your needs. Every vehicle is not the same. Thus, it is essential to do your part of the homework by approaching a professional dealership. This will help you in picking a used car that is in good shape. If you’re still looking for reasons to purchase used cars in Mansfield or elsewhere, then here are some of the most convincing ones.

For lower depreciation rates

Depreciation of a vehicle is a given fact and cannot be avoided based on the newness of the car. However, used cars hold a much lower depreciation rate as compared to new one. Used car sales in Mansfield and in other areas have seen a rise owing majorly to this factor. A new car is highly likely to depreciate at least twenty per cent in value even when not driven to its maximum capacity. It may lose another ten per cent during the next five years of use, thereby giving it a complete depreciation value of thirty per cent. On the other hand, a used car would depreciate much lesser than this. The reason behind this is the past usage of the car. It implies that the car had likely undergone major depreciation before you took the wheel. This gives these cars a higher and more stable loan-to-value ratio.

For its lower insurance costs

Insurance costs can be analysed based on various factors. Some of these factors include the age of the car, the driving history of the car, the credit score it holds, the mileage and the location. Thus, given that a used car typically costs lesser than a new one, similarly, the insurance of a used car also costs lesser. Generally, the deciding factor for the costs of insurance is the value of the car. Thus, given that a used car has less value than a newer version, the cost of insurance is likely to be less as well. Further, once you purchase used cars in Mansfield and in other parts of the UK, you may consider liability solely if your state allows it. Unlike this, the owners of new cars are bound to add comprehensive collision coverage to their vehicles.

For its lower dealership rates

Another major reason why used car sales in Mansfield and in other areas have seen a rise is a less expensive fee associated with the dealership. This also includes any sales tax that may be included at the time of purchasing the vehicle. If you are looking to purchase more than one car but are restricted by the budget, then used cars can be the best way to achieve this. A luxury car that has depreciated in value after use of two to three years is highly likely to cost lesser than a non-luxury new car. Further, used cars come with added details of mileage and performance, thus, giving you more peace of mind with the purchase.