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Investing in a car is a big decision. You need to know your background information before you make a blind leap of faith. If you’ve been considering your options between a used and new vehicle, the market as of late has been shifting more towards used cars- first and foremost because there’s a significant cost saving. But each have their own pros and cons however. Here’s a list of reasons why a used vehicle might be just up your alley:

Depreciation

No matter which car you get your hands on, they will all depreciate with time and this makes buying a new car purely for investment purposes a bad idea. It’s a well-known fact that cars lose most of their value early on- in the first three years of use- and some models might handle this depreciation better than others. In that sense, when looking at used vehicles, you’ll actually have a better idea of what you’re in for long term.

Better Budgeting

Depreciation might be a bit of a pesky issue but it gives way to the main perk of buying a used car- reduced prices. While you’d have to have a strict budget when it comes to looking through new cars, you have many more options within that strict budget when catering to used vehicles. A new entry-level car could be worth just as much as a fancier and more equipped used vehicle like the Berwick Jeep.

Data

If you want to get the absolute best value for your money, then you’re in luck because there’s plenty of data when it comes to used cars. This data can give you comparisons and give you a good idea of how much a used car would cost. This way there’s no way you’re walking into that dealership unawares and you have a pretty good idea of what the car is worth and how much you need to spend.

Insurance

What’s the one thing your insurance company will look at when it comes to rates? The vehicles’ value. Once again depreciation plays a role here because a used vehicle will obviously cost less to insure. If the car is more valuable, then the insurance company would have to dole out more money in the case of an accident. Basically, a used car also offers you lower insurance costing.

Registration

Every car should be registered in Australia. In some places you may find the same fee charged across all cars but there are those that consider the car’s age, weight and even power. In this instance having a used car would also land you some cheaper registration fees.

These are the most prominent reasons as to why a used car might be the perfect fit for you, but of course it all comes down to personal choice. Make sure you do your research on the relevant models you’re interested in and if you do decide on a used car, make sure to get your hands on a detailed history report to find out about any precious car accidents or malfunctions.

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