7 Reasons Why to Buy a Used Car: Advantages of Buying Pre-OwnedSearch Used Inventory
Every car shopper knows there is value in used cars, but what are some other benefits of buying a used car over selecting a brand-new vehicle? Let's take a look at seven of the top reasons why to buy a used car when vehicle shopping around Hattiesburg, MS.
1. Lower Purchase Price
While new models are always alluring, used cars give shoppers exceptional value for their money. Buying a used car can potentially save you thousands of dollars off of the new-car price.
With that extra cash, you can enjoy lower monthly payments or put it toward upgrading the vehicle or selecting a car that's better equipped than what you could afford on the new car market.
2. Lower Depreciation Costs
One of the biggest advantages of buying a used car is that it depreciates less over time than a new vehicle. A new car can lose 20% or more of its value during the first year after it's purchased and continue to depreciate at about 15 percent annually for the next four years. In contrast, a used car has already experienced its steepest depreciation rate, so you can enjoy more stable ownership costs.
By buying a used car that's just three or four years old, you can avoid significant depreciation costs.
3. Reduced Sales Tax & Registration Fees
When you purchase a new car, you must pay state sales tax on the full purchase price plus any additional taxes specific to your municipality. Another one of the reasons why to buy a second-hand car is that you'll owe less sales tax on the lower-priced vehicle than if you had selected that model as a brand-new car.
Additionally, registration fees for a used car are generally lower than for a new car. If you're looking to save money, these reduced taxes and fees can be significant.
4. Fewer Financing Costs
When you finance the purchase of a new vehicle, the loan amount is based on the full sticker price of the car. As a result, you'll pay interest on the vehicle's entire value.
With a used car, however, you'll only owe interest on the remaining loan balance. This can lead to considerable savings over time.
5. More Affordable Insurance Premiums
The cost of insuring a new car is generally higher than a used one. That's because insurance companies base their rates partially on the vehicle's replacement cost.
So if you purchase one of the affordable used cars for sale at our Meridian, MS, Toyota dealership, you'll likely save on insurance premiums.
6. Greater Selection of Vehicles
When you shop for used cars, trucks or SUVs, you'll have many more models to choose from than if you only shopped among new vehicles. That's because there are simply more pre-owned vehicles on dealer lots and available through private sellers.
So, whether you're looking for a certain color, trim level or feature, you can likely find it on the pre-owned market!
7. More Car For Your Money
Buying a used car often means getting more features and amenities for your money. Since new cars depreciate quickly, it's not uncommon to find a gently used vehicle that's only a few years old and loaded with high-tech features and luxurious upgrades.
You might even be able to afford a nicer, higher trim level or get a larger vehicle with more space, seating, technology and amenities.
Find Your Preferred Pre-Owned Vehicle in Meridian, MS
Now that you know the reasons why to buy a pre-owned car, isn't it time to locate your next vehicle and plan your upgrade?
John O'Neil Johnson Toyota welcomes motorists from Tuscaloosa, AL, and beyond to shop and visit our Toyota dealership in Meridian, MS, for a stellar selection of used cars, trucks and SUVs for sale from today's top automakers.
If you're looking to enjoy the many benefits of buying a used car, look no further than our extensive inventory. Here, we supply Decatur, MS, area drivers with a Toyota Certified Used Vehicle (TCUV) collection featuring late-model used Toyotas for sale backed by an updated factory warranty and rigorous inspection process.
We also offer attractive used car specials that can help shoppers save money on their next vehicle. So whether you're after a nearly-new, late-model Toyota or a low-priced used car of another make, rely on John O'Neil Johnson Toyota as your preferred used car dealer near Hattiesburg, MS!