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4 Smart Reasons To Buy A Used Car
Whether you’re a first-time car buyer or a seasoned veteran, there’s always the difficult decision of whether to go with a new or used vehicle for your next purchase. New cars have the latest styling, tech features, low interest rates and that much-loved new car smell, but are they really the best choice for you and your budget? Let’s go over some used car wisdom and give you 4 great reasons to go pre-owned for your next car.
1. They are less expensive
Let’s get the obvious out of the way: In most cases, you’ll save money buying your used car and probably some cash. Once you buy a new car and drive it around the island, it’s no longer new and that value drops quickly. According to Consumer Reports, your new car will on average be worth 54% of the original purchase after just 3 years, that hurts!
The average cost of a used car is predictably much lower than a new car model and this is not the only space to save. You’ll obviously pay less tax on a lower priced car and it’s often more affordable to insure them too. However, you should consider the vehicle’s mileage because the distance traveled and remaining warranty will likely affect your maintenance costs.
2. Financing rates and conditions
With low manufacturer financing rates and longer terms available, dealers can show you some very attractive monthly payments on a new car, but don’t forget to do the math. Even a lower rate can really add up over a 7-8 year financing period and the growth of Certified Ownership (CPO) programs has really narrowed the gap. Not only do banks offer aggressively low used car rates, but certified pre-owned cars offer even lower rates, with the added bonus of additional warranty coverage and extensive vehicle inspections. The new car advantage really starts to fade with exceptional used car financing options available.
3. Vehicle history reports
Maybe your hesitation when buying a used car is that you just don’t know where it’s been or what you’re getting and that’s understandable, but transparent reporting with tools like CarProof gives you a very good idea of what you’re dealing with. . Vehicle history reports may not capture everything, but you’ll usually get essential information such as
The number of previous owners
Any accident or damage history with details
Previous registration status (Personal, Lease, Taxi, Rental, etc.)
Validation of mileage and maintenance records
If you’re thinking it might be a risk to buy a used car because it won’t last long, you should do your research. According to several studies, the average vehicle on the road today is more than 10 years old, and that number continues to rise as automakers continue to improve their lineups. Modern cars, trucks, and SUVs simply have longer lifespans than they used to and that’s great news if you’re in the market for a used vehicle.
There’s a lot to like about buying a new car that no one else has driven yet, but there’s no doubt that pre-owned vehicles are the best value. Now that you’ve read our 4 smart reasons to buy a used car, what will your next purchase be?
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