Top Reasons to Consider Looking at Used Cars in Toronto
The cost of purchasing a brand new vehicle in Toronto – or in other parts of Canada – can be very high. For many people, buying a brand new vehicle simply isn’t a viable option for financial reasons, which is why many decide to turn to the used car industry. Well, the fact is that you could actually be better off buying used cars in Toronto, as you can enjoy a range of benefits by opting for used vehicles rather than brand new ones.
With a choice of private sellers and used car dealerships Toronto buyers have plenty of choice when it comes to buying a used vehicle. There are used cars in Toronto to suit a wide range of requirements and budgets. Whether you decide to go through used car dealerships in Toronto or whether you buy privately, you should have no problem finding the ideal vehicle. So, why is choosing a used vehicle often preferable to buying a new one? Well, let’s take a look at some of the top reasons.
Why choose a used vehicle over a new one?
There are many valid reasons why so many people decide to choose a used vehicle over a brand new one in Toronto. While having a brand new vehicle is all well and good, unless you have spare money and can comfortably afford to buy from new, you could end up struggling to raise the finances or even end up in debt. With a used vehicle, you can enjoy far greater value for money along with a range of additional benefits.
Some of the top reasons why many people now decide to opt for used cars in Toronto include:
- Far cheaper than buying from new: As you can imagine, this is one of the main reasons why people decide to opt for a used car in Toronto rather than buying a brand new one. The cost of buying a new car can run into tens of thousands of dollars but if you buy the same vehicle just a few years old you can save a fortune. So, if you are on a limited budget but still want a decent vehicle, purchasing a used car that is just a few years old could be the perfect solution.
- No depreciation to worry about: For some people, purchasing a brand new car equates to throwing a lot of money down the drain. Why? Because when you drive the new car off the dealership forecourt it loses value instantly. So, you will have paid out all that money only for the vehicle to plummet in value as soon as you drive off in it. When you purchase a used vehicle, you don’t have to worry about the depreciation issue. The person that initially purchased the vehicle will have been hit with depreciation so you don’t have to worry about losing out.
- Ability to buy CPO: Another benefit of buying a used vehicle is that you may be able to purchase a Certified Pre-Owned vehicle, or CPO vehicle. This means that the history and condition of the vehicle has been checked and certified, so you can enjoy valuable peace of mind while also benefitting from the lower cost of purchasing a used vehicle rather than a brand new one.
- Reduced insurance and registration costs: The value of the vehicle you buy will have a big impact on the amount you pay for insurance coverage and registrations. Since the vehicle you are buying will be used, the value will be considerably lower than if you were buying the same vehicle from new. As such, the cost of insurance coverage and registration will also be lower, so you can save even more money when it comes to buying a new car.
- Get more bang for your buck: If you have a limit set with regards to your budget, you will be very limited when it comes to buying a new vehicle. This is because the sticker price on new vehicles is so much higher than on used ones. By choosing a used vehicle, you will be able to get far greater value for money and can access a much wider range of potentially suitable vehicles that fall within your price range. So, you can get the vehicle you want without having to spend over the odds and go over your budget.
- More buying options: When you buy a vehicle from brand new, you have to go through a dealership and as such will be obliged to pay any necessary dealership fees. However, when you purchase a used vehicle you have the choice of buying through used car dealerships in Toronto or from private sellers. You can even go online to browse a range of used vehicles from both dealerships and private sellers, which is ideal if you don’t have the time or ability to travel around looking for a suitable vehicle.
All of these are valuable benefits that come with opting for a used car over a brand new one. Remember, you can purchase a used car that is only two or three years old. This means that you will still be getting a newer model but you will avoid the costs that are associated with actually buying a brand new vehicle.
Financing the purchase of your used car
One of the things you need to think about when buying used cars in Toronto is how you will finance your purchase. You will be paying far less than with a new car, which means that you won’t have to find anywhere near as much money. However, you still need to work out how you will pay for the car. There are a few options that you can consider. This includes:
- Taking a car loan: You can go to your bank and request a car loan. If you have decent credit, you should be able to get a loan at a pretty competitive rate of interest, so you won’t have to pay too much for your borrowing. If your credit isn’t so good, you will be facing far higher interest rates so this is something you need to take into consideration.
- Getting finance: If you are buying your used car through a dealership, you may be able to get finance on the vehicle that you want to purchase. This will depend on the dealership, the value of the vehicle you are buying, and your financial circumstances.
- Using savings: If you have some money in savings, you could use this for the purchase of your car. However, it is best not to clear your savings out completely, as you may still need to have some cash put aside for emergencies. You also need to consider other driving costs that have to be funded.
Drive away with a great deal
Once you have found the perfect used vehicle and secured the money to pay for the purchase, you can look forward to driving away with a great deal. You will benefit from having a reliable vehicle that may not be brand new but is in good condition. You’ll also enjoy the added bonus of having spent far less on buying a vehicle than you would have had you purchased it from new.