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One smart way to save money is to buy a used car versus a brand new one. This is especially true if you and your family are on a budget. It is an easy way to get a vehicle you need, without spending the extra money attached to purchasing a new one. Vehicle advancements have come a long way since the 50s and 60s. Because of this, you don't have to be nervous that a used car won't last for very long. Today's cars are durable and can be reliable for years to come. If you are considering used vehicles in Anchorage, Alaska, here are some benefits to purchasing a used one. More Car for Your Money The main benefit of buying a used car versus a new one is that it costs less. Additionally, you can get a lot more car for your money by buying a used one. If you were to try and buy a new car with all the latest features, it would be expensive. If you purchase a used car, you can consider ones with features you wouldn't be able to afford in a new car. Also, according to Bankrate's website, new cars generally depreciate about 20% when they are driven off the lot. Then, they will depreciate another 10% within the first year of owning them. By buying a used car, you are minimizing the depreciation of your vehicle. Some people prefer to buy a new car every 1-3 years, so you can often find used cars that are not all that old. You can get the most out of your used vehicle purchase by driving it until it's no longer driveable. Also, financial institutions typically require a down payment of 10% on a new-vehicle loan. It can be hard to come up with the extra money for an expensive new car. Lower Insurance and Registration Fees One of the main ways an insurance company determines the cost of your car insurance is the value of your car. By buying a used car, the cost of your insurance should be less. You can always shop around to different insurance companies. Many have options that can be dropped once a vehicle reaches a certain age. Also, you will probably save money on registration fees. These fees are based on the transaction price. By paying less for a used car, you will not pay as much for registration fees. Resources Available Just because someone is selling a car doesn't mean that the car has issues. Sometimes people just like to buy new cars every couple of years. There are plenty of resources available for you to learn more about a used car before purchasing it. Companies like Autocheck and Carfax produce vehicle history reports. These reports are generated off the car's vehicle identification number (VIN) and provide useful information. You can verify the car's mileage and whether the car has been deemed a total loss by an insurance company. You can also learn about how many owners the car has had. Different states have different laws concerning whether a person has to report a vehicle's accident history. Make sure you learn about your state's laws. If you live in a state that does not require accident history disclosure, you could opt to purchase a used vehicle from another state. One other option is to purchase a pre-certified vehicle from a car dealer. Certified pre-owned vehicles carry some form of guarantee similar to new-car warranties. If you are interested in saving money on a vehicle purchase, there are used vehicles in Anchorage, Alaska that could meet your needs.
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