Published on April 18th, 2022 | by Day Trader

Benefits of Buying a Used Car

There are many benefits to buying a used car over a new car. This can range from price, to insurance savings, to reliability. In this video, you will learn about the advantages of a used car.

In general, auto insurance companies charge lower premiums on used cars than new cars. One of these reasons is that new cars attract thieves and vandals.

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On the other hand, a used car is less likely to be broken in to.

The real benefit of used cars comes from the price. They are much more affordable than new cars. In fact, a model a few years older can be significantly cheaper than a new model. This is even true if it does not have many miles on it. Even if the cars were about the same price, the used car would still be a better deal because it depreciates slower than a new car.

Used cars are also less risky of an investment. Cars can often take a significant portion of your net worth. Why would you choose an asset with high depreciation to make up a significant portion of your assets? Used cars, are cheaper from the beginning and don’t depreciate as much, making them a significantly better purchase.


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