There are great reasons to buy a new car. Today’s new cars come with maintenance plans, the latest in technology and features, and exceptional performance and fuel economy. However, buyers in Philadelphia may also want to consider the option of used cars for sale.
Used vehicles offer several advantages as a primary vehicle, a commuter car, or as a second vehicle for the family. They are also a cost-effective choice when it comes to a vehicle for kids heading off to college. In addition to a lower price than a new model on the lot, used cars for sale Philadelphia are a great option for several other very practical reasons.
Limited or No Depreciation
Buying a used vehicle with limited or no depreciation means the vehicle holds its value relative to the mileage and age. New vehicles depreciate at about 10% the second you sign the ownership agreement. After just one year of ownership, the typical new vehicle has lost about 20% of its value, and this increases to approximately 60% by the end of the fifth year of ownership.
Buying a vehicle that has limited mileage and a newer model avoids the cost of depreciation and allows you to purchase more vehicle for your budget.
Insurance is an ongoing cost of owning a vehicle. Purchasing used cars for sale typically results in a lower insurance cost compared to the same model in a new vehicle. In addition, more people in Philadelphia can pay off a used car faster, allowing them to modify their insurance coverage and possibility further reduce their rates.