The Autogenie

5 Reasons Why Buying a Used Car is Better Than Buying a New One

 

The thrill of buying a new car, the therapeutic smell, and the joy it gives tearing the plastic packaging off the seats, door openers, steering wheel, etc on a new car are almost not tradeable. It’s one of the best feelings in the world, well apart from eating fried plantain. 

But is this thrill enough to commit to buying a new car? Sure it is if you’re some Bill Gates or Elon Musk, but if you are an average car shopper, it may not be a totally good idea. Here are 5 reasons buying a used car can be better than buying a new car for the average car shopper. 

1. Price

The biggest advantage buying a used car has over buying a new car is the price difference. On average, a used car costs 30-40% less than the new one. This is the real motivation for buying used cars around here and around the world in general. 

Price difference via Road Loans

2. Availability

Apart from price, availability is another key selling point of used cars. Used cars are always available. If you carry enough money in your bag and set out in search of a new car by 10 am in Lagos for example, you’d drive back home with a used car before 1 pm. However, with a new car, it may not be entirely easy. Having to go through paperwork, locating the car, doing random checks, and everything. 

Photo by Ruffa Jane Reyes on Unsplash

3. Depreciation

Research has shown that the rate of depreciation drastically reduces once the car is 3 years and above. This is a good thing for someone buying a used car, as the value does not drop too far beyond the price you paid for it. 

Car Depreciation via Revenues & Profits

4. Leverage

Purchasing a used car gives you the leverage of owning a used bigger car for the same cost price. For example, the cost of purchasing a new Toyota Camry 2014 model would be close to getting a used Toyota Camry 2018. The 2018 Camry is more classy, comfortable, and has better features when compared to the model, and they both go for the same price, the only difference is that the 2018 model is used. 

Leverage via Forbes

5. Reliability

The biggest fear of buying a used car was previously based on the reliability factor, as used cars were known to not be very reliable. However, research in the US has shown that newer models of automobiles have an average age of 11.6 years and counting. This means that if you purchase a 3-year-old car, it still has an average of 8-9 years of roadworthiness with normal use, and it could be higher for car models known for strength. 

Used Cars via Business Insider

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