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Article #265: Pros And Cons Of Buying Used Cars

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Each year, out of all the vehicles bought 2) PROS - On the other side, buying a
in the U.S., 41 million are used cars used car could benefit the buyer in
compared to only 16 million new car several ways:
purchases. * The original owner of the car received
Since purchasing a car is the next the depreciation hit. The market value of
financial investment made by US citizen the new car decreases from year to year.
other than housing, it is important to An average 30% of its value within three
determine if buying a used car is worth years from the time it was bought, so
your money. buying their car would save you a lot of
1) CONS - Here is a list of the money.
disadvantages of used-car buying: * Unlike purchasing a new vehicle with
* The options of cars are limited, so the high insurance fees, you will receive a
search for the right vehicle could be lower cost of insurance if you choose to
lengthy. buy second-hand cars.
* The buyers have no idea if the car was * Although buying new and used cars both
treated. Used cars usually have worn provide loans, lease, or money-saving the
consumables such as hoses, tires, shocks, majority of dealers who sell used cars
filters, fans and clutch. often have shorter loan terms.
* Although used car dealers provide a * If your investment is decided based on
warranty, it is only limited to a couple appearance and gas mileage, choosing a
of months unlike purchasing a new car used car would guarantee the value and
with full warranty. Certain maintenance reliability it has provided over the
on your purchased second-hand car could years.
be more expensive. * A used car would provide your dollar
* Purchasing a second-hand vehicle would more flexibility. Compared from buying a
offer you a lower trade-in value. new car that would eat all your finances,
* The main disadvantage of purchasing old buying a second-hand car would allow you
cars is that it has an unknown quantity. to purchase other accessories such as air
Whether the dealer has worked the vehicle conditioning that would cost
to make it attractive for the test drive, approximately US$200 to $900 extra.
the buyers are still unaware of the Buying your used car could waste your
repair bills, economical issues, and its money if you fail to do your research,
reliable transportation. compare dealerships, and be aware of the
* It is difficult to negotiate fair car's market value. Be a wise used-car
financing terms on an older vehicle. buyer.






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