Top Reasons to Buy a Used Car Instead of a New One
If you are considering buying a car soon, here are the main benefits of choosing to purchase a used vehicle.
Buying a used vehicle is riskier compared to purchasing a new car. You may not be certain about how a used car was treated by its former owner. As a result, serious issues may arise along the way.
If you are a business-minded individual, you know that greater risks are associated with greater reward. In this case, such a risk will translate to a much healthier bank account. Buying a used car will likely keep your finances and peace-of-mind intact.
There is a reason why more and more Americans now prefer to buy used cars instead of new ones. If you are considering buying a car soon, here are the main benefits of choosing to purchase a used vehicle:
Save thousands of dollars
If saving money is your goal, buying a used car instead of a new one should be your option. Based on estimates, you can save about $10,000 in the choice to buy used over new.
In general, new cars depreciate faster and to a greater extent than used cars. Depreciation on a new vehicle takes place in just the first few minutes after purchase. The minute you drive a new car away from the dealer, it is already a used car the moment you return it, meaning a valuation that is already less than the original price tag.
“If saving money is your goal, buying a used car instead of a new one is the right choice.”
Aside from that, used cars also come with lower sales taxes, lower insurance costs, and cheaper registration fees. However, the increased risks mean you may end up spending more on maintenance. Therefore, when purchasing a used car, it is your responsibility to be more careful and discerning when choosing and purchasing your car.
Today, used cars last longer
Modern vehicles are intentionally manufactured to last significantly longer. This can save you thousands of dollars as you won’t need to buy another car for a longer time than you might think. According to industry think tanks, the volume of 12-year-old cars that are still running across the U.S. could increase by 15 percent in the year 2020. And, with each passing year, the standards and expectancy for longevity increase.
“Modern vehicles are intentionally manufactured to last significantly longer.”
If you do well in choosing the used car to buy, you ensure you have a vehicle for many years to come. You can opt to buy high-duty vehicles at half the cost and still benefit from owning and driving a car that is meant to last longer.
Beneficial certified pre-owned (CPO) programs
So-called CPO programs are usually offering off-lease vehicles. Thus, such cars are almost always guaranteed to be in a ‘like new’ condition. You would be delighted to know that cars that are sold through those CPO programs usually come with lower mileage. Moreover, you can be sure that they are well taken care of and their maintenance is right up to date.
You can always opt to run a VIN (or Vehicle Identification Number) report if you want to get your car’s history report and make sure you are buying a used car that is nothing but the best in its lot.
“CPO cars are almost always guaranteed to be in ‘like new’ condition.”
Also, take note that CPO vehicles usually come with significantly lower interest rates when it comes to financing compared to rates imposed on used cars in dealerships. This will save you more on long-term costs.