For many drivers, choosing used cars in Philadelphia over new cars is the ideal option. With the cost of everything on the rise these days, now is the time to save money at the dealership.
Vehicle depreciation cannot be avoided, but used cars in Philadelphia depreciate much less than new vehicles. Typically, new cars depreciate as much as 20% as soon as they are driven off the lot and another 10% in the first year.
Used vehicles have already undergone major depreciation. Therefore, used vehicles depreciate at a much slower rate and you benefit from a more stable value-to-loan ratio.
Lower Insurance Rates
Auto insurance rates are based on driver age, credit score, driving history, location, and mileage. Just as used cars in Philadelphia cost less than new ones, insurance costs will be lower as well. Car value is a key factor in determining insurance cost and because used cars have less value, the cost to insure them is less.
Because the vehicle is older, you may decide to choose liability coverage only. This is also a way to save money on car insurance with used cars in Philadelphia.
More Time to Review
Reliability changes from one year’s model to the next. Just because one manufacturer has a good track record for reliability does not mean that the newest model will follow suit. When you choose used cars in Philadelphia, the exact model that you purchase has been on the road long enough to be properly reviewed.