Used car: Some lesser known advantages of buying used cars

Buying a used car comes with many advantages. While it is a common knowledge that such a car will come at a lower investment and is perfect for people with low incomes, there are many other benefits as well.

Here are some lesser known advantages of investing in used cars:

• Become the owner of a luxury brand: If your income is low and you still dream of riding a Ferrari, then the only way you can make it true is by going for a used car. A used model of a Ferrari would come at a price which would be many times lower than its original sticker price. Thus, it gives you an opportunity to go for it and make your dream come true.
• Enjoy lower business losses: If you are using the car for business purpose, then you can save on the depreciation you incur every year. A used vehicle depreciates slowly, as compared to the quick depreciation suffered in the first 3 years of a new car. So, your P/L Account will not be heavily affected due to losses suffered through depreciation.
• Lower tolls and taxes: Whenever you are paying your annual road taxes, tolls, etc, you will discover that your cost comes down heavily if you switch to a used car from a new one. This is another advantage which you will reap in all the years of usage.
• Good resale value: And just in case you need quick money or are planning to buy a new car in the future, you can always sell off the used one at a pretty good price.