Lucrative benefits of investing in a used car

Economic reforms, deregulations, and advancement in technology are some of the major reason which results in a major transformation in working structure and processing of the automobile industry. Undoubtedly the automobile industry has experienced a major transformation in the last few years not only in terms of quality, features or advanced technology but also in terms of acceptance.

Earlier the purchase of used vehicles was considered as the major turn off for the society and people but with time and advent of technology people have now started accepting the purchase of used cars and are confident about their investments.  According to reports, the used car market has experienced around 50% of the growth over a year and hence numbers of jeep dealership maple are continuously increasing to serve the high demands. 

Below are the reasons which might help a potential buyer get rid of the dilemma between the purchase of used and new vehicles 

a. Minimizes depreciation 

There is no secret that new cars lose most of their value to the depreciation in the first few years of purchase. A new vehicle starts losing its value from the first drive off the car lot and it loses around 30% of its value in the initial year of ownership which means a car which cost around $30,000 can lose around $9.000 of its value during the period. These huge losses can be avoided if the buyer plan to invest in a car which is pre-owned for three to five years and is in good condition. With a purchase of a right used car, it is possible for an owner to buy, drive and sell it with little loss in equity. 

b. Lower the cost of ownership

Undoubtedly owning a used car is comparatively cheaper deal than that of a new car. With the purchase of vehicle which is around one to five years old, one can easily save thousands of money on the expensive price tag. The purchase of a used car provides the buyer with an opportunity to purchase better version of the vehicle within the limited budget. For instance, there are high chances you might not be able to make purchase of top model vehicle due to budget restraint in case of new car purchase but while planning for used car there are high chances buyer can easily afford the top model along with the add-ons.

The average life of vehicle has improved tremendously and the duration of ownership has been reduced, hence the used car market easily avail vehicles which are enriched in quality and ensure best performances. 

c. Cuts on additional expenses

Purchase of vehicle is not only limited to paying off the expensive price tag but includes a number of additional expenses such as car insurance, registration, maintenance plans, vehicle add-ons and more. With used car purchase, one can save a huge amount of money, especially with car insurance and registration. The insurance cost is really high for the new vehicle and the rates reduce as the vehicle ages. The worth of used cars is much less than new ones and even if a used car is totaled in an accident; the insurance company doesn’t have to pay out as much to repair or replace it.

Moreover, consumers who buy used cars are less likely to purchase vehicles with manufacturing flaws. Visit used cars Toronto dealership store to explore the wide array of used cars option available.