If you are planning to buy a car for you and your family, it is always a tough decision to decide between a new car and a used car. In one hand, a new car has all the features such as latest style, modern amenities, low-interest rates and the smell of a new car, but on the other hand, a new car costs much higher than a used car. Buying a new car would not be a pocket-friendly approach for most of us, and hence, as our savior comes, used cars. Now, before buying a used car, there are a lot of things that need to be well thought about. It’s not as easy as it looks, and at the same time, not as tough as it seems so. In this article, we will discuss some of the reasons to buy a used car Toronto. Go on reading, and you may find the wisdom to buy one.
This is by far the most obvious reason, that a person goes for a used car. Some of us, do not manage to save enough money to get a brand new car, and hence, used cars seem to be the only way out. Now, according to a recent statistic, it says that, when you buy a new car, the value of the car depreciates at a very high rate. It says that the value of the car becomes approximately 50% of the value, that it was actually bought in. Hence, when you actually buy an old car, you are approximately paying only about 40-50% of the actual price.
Moreover, when you buy a car which is less priced, you also subsequently pay lower taxes, and also the insurance prices are more affordable. But, there is one thing that you should check while you are buying a used car. You should always check the mileage of the car, and the warranty period remaining for the car. This would give you the rough estimate of the petrol expenditure and also the maintenance expenditure.
Financing Rates and Terms
When you go to buy a new car from a dealer, and if you are in for a loan, then the dealers will show you some very attractive rates, with low EMI’s. But beware, no matter how sugary the deal appears to be, it is not. If the EMI’s are low, it will go on for a large amount of time, and, also selling the car at that point of time won’t matter much since the value of the car would have depriciated to only 30-40% of the price of the car. So, the advantage that people used to get on buying a new car is really starting to fade, and the bubble is bursting slowly.
Sometimes, if you want to buy a used car, you might have hesitation about the history of the vehicle. But, in modern days with tools like CarProof, all the previous reports of the car is easily obtainable. It is very natural that you as a buyer would have concerns with, who the previous owner have been and how many accidents has the car encountered or how many kilometers the car has travelled. All these very essential information is available in Car history reports.
If you are one of those people who think that, a used car wouldn’t be reliable on the road, then you are completely wrong. According to the statistic, it has been said that, the average american vehicle is 10 or more years old, which just proves the fact that old cars are equally reliable.
Toronto Auto Breakers is one of the best dealerships who deal in used cars in Toronto and the GTA area. Call them to know more.