6 Reasons Why Buying a Used Car Is Preferable to Buying a New Car
Many still think that exclusively buying new cars is the way to go. Though that’s perfectly fine, those drivers miss out on several perks that come with choosing a used or pre-owned model.
Keep reading to see why you should get a used car instead of a new one.
Taking Advantage of Depreciation
Most of us have heard the common refrain about a new car losing 10% or 20% of its value as soon as you drive it out of the dealership parking lot. The bad news for car buyers is that this is more or less true — as soon as you leave the dealership lot in a new car, it becomes a used car.
Though this may be an unfortunate part of the game for drivers who only purchase new cars, it’s a perk for people who buy used cars. By purchasing a used car, you’re letting the previous owner take on most of the depreciation.
The newer the car is, the faster it depreciates, with the depreciation tapering off a bit after three years. You should time your purchase to let someone else pay for that quicker depreciation rate so you can take advantage of a lower price tag.
Used Cars Are Generally Sound
Another common belief people hold about used cars is that the original owner gave them up because there is something wrong with them. However, if you choose a reputable used car dealership, you will find that the used cars are generally in good condition. This is especially true if you buy used cars with the “certified pre-owned” designation.
To be a certified pre-owned vehicle, a used car must pass an extensive inspection to ensure it’s in like-new condition. In addition to this, you can use services such as Carfax to check out the vehicle’s history.
If the vehicle is new enough, it may still be covered by its original warranty. In this modern era, there are many ways to help ensure that the used car you’re considering will be worth the money you spend on it.
If you believe that used cars are a gamble, you should also remember that vehicles are built to be more reliable and last longer than they were decades ago. And now that we have the internet, we can quickly look up the average lifespan of most vehicles on the market.
Beyond the benefit of a lower price tag, an excellent used car continues to save you money in other ways. Older vehicles are generally more affordable to insure, letting you pay less over the long run.
You might also be able to find a reduced-rate loan on a certified pre-owned model that enables you to pay less for your monthly payment than you would with a new car. Registering a used car is often less expensive, too.
These financial incentives can be desirable if you’re looking to buy a luxury vehicle or a more expensive model for a lower price.
Yet another area where you might save money is the fees. Many new car dealerships add destination fees, unnecessary protection plans, documentation fees, and other costs to their final prices.
Dealership fees for new cars can add up pretty quickly, so be ready to adjust your budget accordingly if you want to shop for a new car.
Better Vehicles for Less
As discussed above, buying used luxury brands or higher-end trim levels has many benefits. New luxury models depreciate much faster than more affordable new models.
Part of this is that people who buy luxury models often want the latest model and will switch out for a more recent year when their current vehicle is two or three years old. This is where you come in.
If you don’t mind driving a luxury model a few years old, it only makes sense to take advantage of used and pre-owned models.
Often, luxury models have been better cared for than their more affordable counterparts, so you can be more confident that your used luxury model is as close to new as you can get without paying new-car prices.
Playing the Generational Redesign Game
Many people don’t realize that there is often not much difference between this year’s model and last year’s model — or even the year before. Each model from every manufacturer is built-in generations.
As a model switches to a new generation, it gets a significant redesign that changes its appearance and list of features. However, from year to year in the same generation, some models only see slight changes: new paint color for one year, an extra USB port for another, and so on.
When you purchase a used vehicle, it’s likely to be a close match in features and style to the brand-new version, as long as the two vehicles are in the same generation.
A simple Google search should help you find what generation your favorite models are currently in to help you decide how old a model you can get without losing too much access to modern features.
If you go to a used and pre-owned car dealership, you will see a much more comprehensive selection of makes and models than you would at a new car dealership.
To sell new cars, dealerships have to get a license to sell them from the manufacturer. This means that new car dealerships can only sell one vehicle brand unless they have a used car section.
If you don’t want your selection to be limited, you can go to a quality used car dealership to explore many models from various manufacturers.
Shop for a Used Car in Bedford, OH
As you can see, there are quite a few reasons to get a used car instead of a new one — and this is just the beginning of the list.
If you want to start shopping for your next new-to-you car, truck, or SUV in the Bedford, Ohio, area, swing by North Coast Auto Mall of Bedford or visit us online to get started with your search.