New Car vs. a Used Car: Why Is It Wise to Buy a Used Luxury Car?

New Car vs. a Used Car: Why Is It Wise to Buy a Used Luxury Car?

Are you wondering whether it’s wise to buy a used luxury car? Unless you have already made your mind, choosing the best car within your budget can be quite confusing. For most car buyers, it can be daunting to research various car makes and models before making a final buying decision. Irrespective of your budget, you want to find a car that caters to your everyday needs, as well as suits your personality. Once you determine your budget, the next big question is whether to purchase a new car or opt for a second-hand luxury car.

It is seen that recently the demand for high-end cars has accelerated. There’s no doubt that economy class hatchbacks and mid-size cars have always remained the top-selling vehicles. However, lately car buyers are getting more attracted to luxury vehicles like Mercedes, Audi, Jaguar, and BMW. So, why the demand for second-hand luxury cars has suddenly increased? When planning to get a new car, the most obvious choice is to purchase a brand-new vehicle. However, many people are now tempted to buy a pre-owned luxury car because of the benefits it has to offer. Read further to know some convincing reasons to buy a used luxury car.

Affordable Price & Lower Depreciation

Who doesn’t have a dream of driving a Mercedes, Audi, or BMW? In the price of a new economy vehicle, you can get a used posh car. This means that buying a second-hand car will give you a high-end model for less money. However, make sure you get a used car through a certified car dealer to ensure that the car is pre-checked and is in good condition. Beside affordable cost, used cars also have low depreciation rates. The new vehicles depreciate with each passing month and kilometer. About 40% of this depreciation takes place during the car’s first year after purchase. But as the car gets old, it doesn't depreciate quite as quickly.

Advanced Features & Better Safety

Buying a used luxury car at the price of a new economy vehicle will give you access to high-end features and superior safety. People spend thousands of dollars on top-end models because of features like blind-spot warning systems, seat massagers, heated seats, smart cruise control, Bluetooth, GPS navigation, self-dimming headlights, power mirrors, and other advanced technology features. This means that buying a used pre-owned luxury car will offer more safety features than a brand new economy car at the same price. You will also get more comfort and convenience without burning a hole in your pocket. Most importantly, driving a luxury car will give you a sense of pride and uplifts your social life to the next level.

Low Insurance and Registration Charges

As compared to new cars, used vehicles have a lower rate of insurance. Moreover, buying a second-hand car means paying a lower amount towards HST. The amount of HST depends on purchase price of the car. This means that buying a lower cost used car compared to new, comes with a lower cost of HSY. In addition to this, many financial institutes offer loans for used cars at attractive interest rates.

Categories: used cars