Benefits of Purchasing a Used Vehicle
Benefits of Purchasing a Used Vehicle
Let's face it. New cars can be expensive or out of your budget. Buying a used vehicle comes with multiple benefits that you might not be aware of before you shop for used cars in Corner Brook, Newfoundland.
One of the most significant benefits is just getting more of what you want. You can buy a higher trim level with multiple upgrades for a more reasonable price than you would something brand-new. You don't have to stick with the lower-end model of the vehicle you want; you can get more for less. A slightly-used car can give you a lengthy lifespan without all the depreciation that happens once you drive a new car off the lot.
You also get more options within your budget. Buying used can open up more of the options you are looking for since they fall within a smaller budget range.
Minimum Depreciation, Lower Insurance Rates, and Lower Registration Fees
Driving a new car off the lot will cause a 20% depreciation. Within the first year, a new vehicle will depreciate another 10%. That's a total of 30% depreciation just in the first year. However, a car that is just a few years old depreciates at a slower rate since, well, it has already burned off that 30%. Used vehicles can hold their value well, allowing owners to sell them after a few years for almost as much as they paid for them.
You also get lower insurance rates on gently-used vehicles. A used car is viewed as having a lesser worth in the eyes of insurance companies. They take into consideration the costs to repair and replace parts. Buying new means having to pay insurance on the depreciated value for quite a long time. On top of that, used cars have lower registration fees. The price you pay for registration is based on the price you paid for the vehicle. Since an older car is probably not that different from the current model year, you can save a lot up-front with registration costs.
Contact Us
Browse our used inventory for some fantastic deals on pre-owned vehicles. Once you've found what you want, contact us at Fairway Honda to help you get into a reliable and affordable used car.