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Pros and Cons Of Buying Used Cars
Author:
Jay Bauder
Pros and Cons of Buying Used Cars
Each year, out of all the vehicles bought in the U.S., 41 million are used cars compared to only 16 million new car purchases.
Since purchasing a car is the next financial investment made by US citizen other than housing, it is important to determine if buying a used car is worth your money.
1) CONS - Here is a list of the disadvantages of used-car buying:
* The options of cars are limited, so the search for the right vehicle could be lengthy.
* The buyers have no idea if the car was treated. Used cars usually have worn consumables such as hoses, tires, shocks, filters, fans and clutch.
* Although used car dealers provide a warranty, it is only limited to a couple of months unlike purchasing a new car with full warranty. Certain maintenance on your purchased second-hand car could be more expensive.
* Purchasing a second-hand vehicle would offer you a lower trade-in value.
* The main disadvantage of purchasing old cars is that it has an unknown quantity. Whether the dealer has worked the vehicle to make it attractive for the test drive, the buyers are still unaware of the repair bills, economical issues, and its reliable transportation.
* It is difficult to negotiate fair financing terms on an older vehicle.
2) PROS - On the other side, buying a used car could benefit the buyer in several ways:
* The original owner of the car received the depreciation hit. The market value of the new car decreases from year to year. An average 30% of its value within three years from the time it was bought, so buying their car would save you a lot of money.
* Unlike purchasing a new vehicle with high insurance fees, you will receive a lower cost of insurance if you choose to buy second-hand cars.
* Although buying new and used cars both provide loans, lease, or money-saving the majority of dealers who sell used cars often have shorter loan terms.
* If your investment is decided based on appearance and gas mileage, choosing a used car would guarantee the value and reliability it has provided over the years.
* A used car would provide your dollar more flexibility. Compared from buying a new car that would eat all your finances, buying a second-hand car would allow you to purchase other accessories such as air conditioning that would cost approximately US$200 to $900 extra.
Buying your used car could waste your money if you fail to do your research, compare dealerships, and be aware of the car's market value. Be a wise used-car buyer.
About the author:
Jay is the web owner of http://www.new-cars-in.com New Cars, a website that provides information and resources on searching for new cars, new car pricing, loans, and dealers. You can visit his website at: http://www.used-cars-in.net Used Cars
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Used Cars In Detroit |
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A Quick Note
From The Publisher...
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Used Car Prices |
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Cars are an expensive purchase. Many people go for secondhand or used cars, especially when buying an additional car. Today, the used car market is three times bigger than the new car market. There are several advantages to buying a used car: lower price, more choices, the option of certified pre-owned programs (CPO), lower depreciation, lower insurance, and availability of “almost new” cars for a lower price. Sometimes, the original warranty also gets carried forward into the deal. You may find a used car as old as a 1985 model or as late as a 2005 model. Used cars may be classified by the price range (economy, mid-range, premium, luxury, exotic); by manufacturer (Audi, BMW, Buick, Cadillac, Chevrolet, Daewoo, Ford, Honda, GMC, Hyundai, Homer, Infiniti, Jaguar, Jeep, Kia, Land Rover, Lexus, Lincoln, Mazda, Mercedes Benz, Mercury, Mini, Mitsubishi, Nissan, Plymouth, Pontiac, Porsche, Saab, Saturn, Scion, Subaru, Suzuki, Toyota, Volkswagen, or Volvo); by market segment (crossover,... |
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