The automotive industry has a top few manufacturers and many retailers in the global market. These manufacturers are the retailers who actually deal in both new and used vehicles. In the past few decades, the used vehicle market has been growing tremendously and contributing a handsome amount in the overall market value.
For instance, in the UK, the used car market contributes more than 51 % of the total shares in the automobile industry whereas in the US the percentage hits a massive 68%. If you are up to buying a car, it is still a good deal if you choose to used cars. Seeing the trends in the international market, it seems that used cars carry more benefits than a new one.
But buying a new one isn’t always a bad idea if you want to experience luxury driving and have enough budget you should definitely buy a brand new vehicle for yourself. But if you are planning to change the vehicle after using it for a few years, do not put yourself in financial trouble and to go for a used one.
Some of the prime benefits of buying used cars are given below.
- Better price
Doesn’t it sound amazing to buy a new vehicle for yourself without spending much on squeezing your budget?
If you are looking for a used car in Toronto, or in the US or the UK, you are very likely to buy something in good condition without spending much. Everything the scent, the upholstery, and the luxurious feel will be on point. It is because the automotive industry in these parts of the world is very developed and the used car holds more than 50% shares in the market.
You can buy used cars at a better price and smaller total bills.
- Depreciation benefits
Depreciation refers to the annual loss of value of the vehicle. Some cars usually lose up to 10% of their value during the first years while others may lose as much as 40%. So with a new car, the reselling is quite less.
- No parking ding costs
Moreover, you do not need to worry about the parking lots dings or the tick chip in paint for your car because the previous owner has already taken care of these things. Also, if you buy a new car the insurance and loan expenses add more to the overall cost. So using a used one is the better option.
- No fee for new cars
If you contact a new car dealership, you are likely to pay more. Whereas, for old vehicles no matter what the condition is you are not required to pay the other fee (preparation, advertising, or processing.
- Fewer insurance costs
When a vehicle worth less it also has low insurance costs when you are buying it. Moreover, you are less likely to pay for the comprehensive coverage and repair costs. Registry renewal for used cars is also cheaper and goes down every year.