Do Used Cars Have Lower Insurance Rates?

Many buyers consider used cars because they hope to save on their purchase. Are you wondering if insurance will be more affordable, too? Carroll Buick GMC takes a closer look at a common car-buying question.

Are Used Vehicles Actually More Affordable?

If you are comparing two similar models, a pre-owned vehicle is almost always more affordable than a new one. Naturally, this depends on the specific model(s) you are interested in. For example, a vehicle with more premium features or a higher trim level may still be higher than a new model’s base trim.

Do They Have Lower Insurance Rates?

Many factors contribute to your insurance rates, including your age, gender, occupation, and driving history. Your vehicle’s make, model, age, and mileage are also considered. Since the value of your vehicle is also a factor, you could certainly get lower rates for a pre-owned model, depending on your other criteria. 

What are the Other Perks of a Pre-Owned Vehicle?

There are several perks to buying a pre-owned vehicle. For starters, since used vehicles are typically more affordable, you’ll have many more options available within your budget. This gives you a better chance of finding a car with all the desired features and amenities.

Used vehicles also depreciate less quickly than new vehicles. In fact, most vehicles experience their most significant drop in value in the first year alone. This can make a pre-owned model a better financial decision since the slower depreciation helps you avoid becoming upside down on your loan.

Shop Quality Used Cars in Venice, FL

Our pre-owned inventory includes a wide array of makes and models. We can certainly help you find the perfect pre-owned model. Visit Carroll Buick GMC to shop with our team today!

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