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Advantages of Buying a Used Car If you want to know what the difference is between buying a new and a slightly used car is that reality that the moment you get your new car then it starts depreciating enormously. If you imagine selling this new car that you have just acquired immediately then you will know how much has been written off from the price your got it for. You would realize that the only difference between the brand new and the slightly used one is the smell and nothing else. And this is not all, other than depreciation value of the new car, there are other charges and subsequent costs associated with a zero meter car not comparable to a used car. And this means that you don’t only deal with the car price but there are other charges that goes with it too. Thus, the only benefits to buying a new car is the psychological satisfaction of bringing home a new car to show off to your family, friends, and neighbors which is such a fleeting or short term benefit. If you take out this psychological benefit out of the equation, you get both the short and long term benefit which are given below. Sales tax for new cars are non-negotiable and therefore is a big issues. Though the percent depends on your state, New Jersey collects seven percent. There are other fees for brand new cars collected by the New Jersey Department of Motor Vehicles.
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Think about the idea of depreciation value. Assuming that you have been using your brand new car for a year that cost you a million dollars. The value of your car after a year and a half would go down to around six hundred to seven hundred thousand dollar instead. What this means is you can buy a two year old used car with that depreciated amount of your two year old car that you bought brand new a million dollars. So why spend a million for a new car that after two years would just be equal to a two year old depreciated car? The three hundred thousand saving is a big saving!
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The new features on brand new cars are responsible for making their prices soar but on your part if you buy a used car you can even have these same features installed by an after-market installer which can cost you a lot less. You can find new features like protective coating, additional sensor, or new look features which you can find in after-market shops. There is another thorn that you have to deal with when buying a new car and that is the dealer’s charge which is especially true when it is bank financed. Dealers tend to over charger you for every additional accessory that you want, and this extra charges will be spread out within the duration of the terms of payment you have with the bank.