Why A Used Car Can Save You Money | Charleston, SC
There are tons of benefits to buying a used car - one of the biggest being the price. Overall, used cars are much less expensive to own than a new car, and not just for the sticker price. Here are some ways a used car can save you money.
Lower Purchase Price
Obviously, the overall price of a used car is lower than the price of a new car. The sticker price, even on a car that’s only 2 - 4 years old, can be up to 50% less expensive than the price of the same car when it was new. This lower sticker price means that you will have a lower down payment as well as lower monthly payments, making it more affordable up front and more affordable month-to-month.
When you buy used, you’re missing the biggest depreciation of the car’s life, which means you get incredible value. Since new cars suffer 30% to 50% of their value depreciation just in their first three years, new car owners lose much of their money those first three years. When you purchase a used car, you lower the risk of going “upside-down” on a loan, since the value of your car will decrease much slower than if it were new.
Lower Insurance Costs
It surprises many people to know that insurance costs for a used car are typically lower than for a new car. While many think that insurance costs are based solely off of the risk of a car, it’s based off of the value of the car as well. Since used cars are valued lower than new cars, insurance for used cars is less expensive month-to-month.
Lower Registration Fees
Registration can be a surprising fee that comes about every year. In most states, the registration fee is based upon the vehicle’s model year as well as overall value. For used cars, you’ll see a difference in the registration fee not just initially, but even year-to-year.
Finally, one last benefit of a used car is that in the Charleston area, you can come get them at Mama’s Used Cars. Come and look at what we have in stock today!
Although every reasonable effort has been made to ensure the accuracy of the information contained on this website, absolute accuracy cannot be guaranteed. This site, and all information and materials appearing on it, are presented to the viewer "as is" without warranty or guarantee of any kind, either expressed or implied. All vehicles are subject to prior sale. Prices include closing fee. Prices do not include applicable tax, title, and license.