Should I buy a car over 100k miles?

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Should I buy a car over 100k miles: For some, buying a high-mileage car. specifically, a car with over 100k miles may appear sort of a risky purchase. But, if you’re saving to pay for your next set of wheels, you may not have many other options. So, the question stands, is buying a car with 100k miles a foul idea?

No, in most cases, buying a car with 100K miles isn’t a nasty idea. There are several benefits to purchasing a high-mileage car. for instance, cars with 100K miles cost less to buy, register, and insure, all while depreciating slower than low-mileage cars.

Here are some benefits of shopping for a car over 100k miles or more:

Lower terms – Since cars with 100K miles or more cost significantly less money, it’s reasonable to avoid wasting up and pay for them outright. which means you won’t have any debt, you won’t pay any interest, and you’ll have the liberty of debt-free cash-flow.

Minimal Depreciation – The second benefit to buying a car with over 100K miles, is that its rate of depreciation is significantly slower than a brand new car. for instance, if you purchase a 10-year old car with 100K miles on that for $8,000, you’ll only see it depreciate cardinal dollars per year; maybe even less.

Cheaper Insurance – a more recent car that’s worth lots of cash could be a greater risk for a nondepository financial institution. Therefore, they need to charge a monthly premium that reflects that risk.

Reliability – one in every of the most effective reasons to shop for a car with 100K miles or more, is that cars became more and more reliable. it’s gotten to the purpose where it’s common to determine cars running well past the 200,000-mile mark.

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