Why buying a used car can be one of the wisest financial decisions you make

We’re often told that buying a brand-new car is the best option for any car buyer. After all, your new ride will come in perfect condition, with a warranty from its maker, and not to mention, it’s pretty cool to rip the plastic protectors off the seats once you get it.

However, buying a new car also comes with a higher purchase price, which means bigger monthly payments, longer loan tenures, higher insurance costs and more depreciation. Thus, buying a used car doesn't just make more financial sense, it can offer a better overall value proposition for many consumers. These are among some of the key reasons why buying a used car can be a wise financial decision for you. 

Lower depreciation

New cars typically depreciate rapidly within the first few years of ownership. By purchasing a used car, you avoid the steepest part of the depreciation curve. Thus, a used car holds more of its value even if you decide to sell it after a few years, potentially saving you thousands of dollars in depreciation costs.

Lower purchase price

In many cases, used cars will cost between 20 - 30 percent less than their brand-new price, further offering savings whilst still getting a relatively good as new car, if you find the right one.

Hence, it is highly advisable to go for certified used cars from trusted vendors.

Wider option for vehicles

Besides paying less for the vehicle, buying a used car gives you more vehicle options at the same price bracket, allowing you to potentially afford a higher-quality vehicle with more features and better safety for the same budget.

Lower insurance costs

Insurance premiums are predominantly calculated based on the value of the car. Since used cars are cheaper, so are their insurance premiums, which yields further savings over the lifetime of the vehicle. Additionally, with competitive insurance packages, buyers can purchase insurance that suits their specific vehicle and needs and save even more.

Purchase a car with a track record of reliability

Used cars have a longer track record, which means you can research and find models known for their reliability and durability. By researching reviews, consumer reports, and reliability ratings, you can make an informed decision on which car suits you best. This also potentially helps avoid mechanical issues, warranty claims and even recalls that are associated with newer models or newly released cars.

Freedom of maintenance

Buying a used car doesn’t require customers to maintain their vehicles through official channels which can involve longer waiting times and higher prices. A used car gives you the freedom to maintain your vehicle where it’s most convenient for you, and can potentially save you money due to lower parts and labour costs.

Where do I find great used cars?

Interested but unsure about where to buy a used car? Check out CARSOME, an integrated used car platform that was designed to offer customers greater transparency, convenience and the widest range of high-quality used vehicles at hard-to-beat prices. 

Some of the key features of buying a CARSOME used vehicle are:

• Fixed Price with No Hidden Charges: Prices displayed include all necessary fees and are consistent across all CARSOME platforms, ensuring transparency.
• 175-Point Inspection: Each car undergoes a thorough inspection to ensure it is free from major accidents, fire, flood damage and mileage tampering. Furthermore, every CARSOME CERTIFIED vehicle comes with a detailed inspection report.
• Certified Refurbishment: Cars are refurbished to high standards using quality OEM parts at the CARSOME CERTIFIED LAB, offering you a good-as-new vehicle that performs safely and reliably.
• Guaranteed Quality: To offer consumers greater peace of mind, every CARSOME CERTIFIED vehicle is backed by a 5-day money-back guarantee and a 1-year warranty that is unmatched anywhere else.
• Seamless Buying Process: The CARSOME app facilitates easy browsing, test driving, and paperwork, offering a hassle-free purchase experience at the convenience of your fingertips.

CARSOME also offers superb deals and lucrative sales and aftersales packages as well as special trade-in packages that allow you to get a great price on your existing vehicle that will help you trade up easily and conveniently.

Visit CARSOME now, and check out some of the hottest used vehicles and unbeatable prices.