3 Advantages of Purchasing a Used Vehicle for Cheap
Sure, it’s possible to locate overpriced used automobiles and bargain buys upon new cars, however, it isn’t simply the sticker price which makes a new vehicle a waste. The subsequent costs, related fees, as well as losses in value will add up to thousands of dollars over the initial couple of years of new automobile ownership. It’s particularly bad news if you wind up upside down on the auto loan.
A “slightly-used” vehicle – on the other hand, one which only is about 2 years old and has fewer than 30,000 miles on it – may assist you in keeping cash in your wallet without having to sacrifice quality. Here are 3 benefits of purchasing a used vehicle at our Used Cars For Sale in Bridgeton, NJ dealership over a new one.
Less Depreciation, Lower Price Tag
Remember that old adage that a new vehicle will lose thousands of dollars in value the minute you drive off the lot? It still is true, and it is why used vehicles are better bargains. It also is why you may purchase a 2007 Porsche for the cost of a 2011 Honda. Somebody purchased the Porsche for $50,000 and currently, it may be yours for $25,000.
Consider the average cost of purchasing new. Statistics from CNW Marketing Research prove that the average cost of a new vehicle in 2008 was $25,536 prior to fees and taxes. That vehicles now could be worth about $13,000. Would you rather be an original purchaser, who lost $12,000 – $13,000, or a second purchaser who saves this much?
Sales Tax on Brand New Vehicles
Every advertisement for a new automobile glosses over the issue of tax. Most state laws subject new vehicles to state sales tax, yet not used vehicles. For example, in Georgia, if you purchase a used vehicle from a private seller, you will not owe any sales tax whatsoever. Comparatively, sales tax which dealers need to add to the cost of a new automobile may be thousands of dollars. Do not underestimate the savings, and study your state’s (New Jersey) regulations on the topic prior to making your decision.
Falling Registration Fees
Within many states, the rate of your yearly registration charge is based on the auto’s value, as well as its model year.