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Purchasing a new car can be a difficult project, but buying a used car is not always as simple or as cheap. While used cars for sale by owner in reno are generally less expensive than new ones, they also have more hidden costs. Before you head to the dealership, make sure that you are financially ready for a car. Be prepared for potential pricing issues and walk away if you are not fully satisfied with the vehicle as it is. There are many different ways to purchase a used car, but almost all of them have pros and cons. Here are things that everyone should know before purchasing a used car.
Resale Value
Used cars are generally cheaper than new ones, but they also have lower resale values. New cars have higher resale values because they are less likely to break down. A used car is 10-15 years older than a new one, and its value is dependent upon the condition that it is in. As a result, used cars in reno depreciate faster than new ones because of their age and wear as well as the potential costs associated with repairing them. The resale value of a used car is usually determined by the condition of the car and the year that it was manufactured.
Cost to Maintain
Without proper maintenance, cars break down and need to be repaired sooner than expected. Repairing a new car can be expensive, but repairing a used car can be as much as 50% more expensive. Most people do not consider the cost of maintaining their vehicles when they purchase them, but it should be considered one of your prices. Depending on the make and model, you might need to spend money to change the oil, to fix the AC or the windshield wipers, and even to replace an engine.
Price of Insurance
Most people are surprised by how expensive it is to maintain a car. Once these costs are taken into consideration, insurance for a used car generally costs more than for a new one. People think that if they purchase a used car that it will be cheaper to stay on top of its maintenance, but this is not always the case. Be very careful when purchasing a used car because it could cost more to maintain it than if you had purchased a new one.
Depreciation
A used car is depreciating faster than a new one, and this means that the price that you paid for the used car is almost always lower than what you would have paid to purchase a new one of equal quality. Even though the resale value of a used car will decrease over time, it can be less than what you paid for it because of depreciation.
