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Are you looking to be the next car owner in town this 2023? Well, the clock is ticking and already the year is rolling. This is the perfect moment you need to capitalize and secure yourself a dream car. Naturally, most first-time car owners would always wish for a sleek and brand new car fresh from the factory doors. However, that isn’t mandatory when looking to own your first car ever. There are plenty of options far better than a brand new car with one of them being the decision to go for a used car.
In fact, according to recent studies, most first-time buyers are surprisingly opting for used cars. As you plan on purchasing your dream, you are also advised on putting measures to combat high maintenance cost. 2023 has been forecasted to still face tough economic times hence the cost of maintenance will seemingly not drop any time soon. An extended warranty will be of great help in managing all sudden and costly repairs for your car.
Shortage of brand new cars.
Don’t rush into purchasing a brand-new car Incase you are looking for a car you can invest in this 2023. Brand new cars have fallen in the number of production despite the high demand in the market. As a result of reduced production of brand new cars, the prices of new cars available is unimaginably high. If you take a close look at some of the dealerships around town, you will possibly notice the shortage in brand new cars.
What many are grappling to understand and come in to terms with is the reason for the shortage of brand-new cars. Here are possible reasons behind the high cost of new cars resulting from shortage in production;
Semi-conductor chip shortage- Microchips otherwise known as semi-conductors are the brains in most of the recent modern cars. These chips are responsible for all storing data and programs essential in running the cars. Unfortunately, since the entry of Covid 19, there was a huge shortage of this precious commodity. The car manufacturers now had not option but to cut on the number of units produced to counter the chip shortage.
Entry of Covid 19- The 2020 Covid 19 pandemic played a huge role in staggering the global economy. In the automobile sector, Covid 19 was a huge contributor to paralyzing the supply chain that was responsible for supply core parts used in production. That include sourcing of core spare part such as the engines, suspension, body panels and semiconductor chips.
Used cars have got reduced depreciation
All vehicles no matter the model, years of production or how reputable the manufacturer is will always fall prey to depreciation. There is never a two way about that and all vehicles will be destined to loosing value. Depreciation will begin the very moment a brand-new car drives out of the factory doors. Since cars are assets of great value, their depreciation needs to be controlled. That can be through the proper maintenance routines, frequent check-ups and services and through warranty coverage.
Gladly, used cars usually comes with less depreciation. Reasons behind that is a used car will have already undergone major depreciation in the previous years. On the other side, used cars have a much slower depreciation compared to the new ones. That ultimately saves you from undergoing or experiencing a fast depreciation as that is common to new cars. At the end of the day, a slower depreciation rates saves quality in the long run.
Lower insurance premiums
Insurance coverage is a necessity that you should never miss on any type of car. The coverage is essential from shielding the car from unprecedented damages such as accidents and natural disasters. As we all understand, that coverage comes at a cost. On top of that, the amount you will pay for coverage will depends on the age, mileage covered, and value of the car.
Since used cars have got less value compared to old ones, a car owners will pay lower for an insurance premium. In cases where your have a much older car, extensive coverage will be a necessity. In addition to an insurance coverage, you need to top up with a warranty coverage. In that case, a used car warranty will be the most effective warranty that will help secure the car from sudden and costly mechanical damages.
Conclusion
A used car is a great option for investing this 2023 all thanks to the amazing benefits a customer enjoys. That includes; cheap prices, reduced depreciation rates, less insurance premium and so on. However, if you are still undecided on purchasing a used car, then the best option would be a certified pre-owned car. CPO cars are almost as new and guarantee better performance and quality.
Alternatively, you can also consider purchasing an extended warranty for your used car. This warranty will play a massive role in securing your investment against any unprecedented and unforeseen breakdowns.