Buying a new car has its perks, but it’s easy to overlook the advantages that buying a used car offers. If you’re out shopping for another vehicle, consider some of the following upsides of purchasing a slightly used vehicle.
You’ll Pay Less Upfront
One reason to opt for a used car is the sticker shock that often comes with buying a new car. According to a recent analysis by Kelley Blue Book, the estimated average transaction price for a new light vehicle in the U.S. was $38,948 as of December 2019. Even with generous dealer discounts and factory rebates and incentives, the steep cost of a new car can be off-putting for some and out of reach for others. Car prices can also come as an unwelcome shock if you’ve been out of the market for years.
Needless to say, buying a used car is the way to go if you’re on a tight budget, since you’ll pay thousands less for your purchase when compared to the cost of a brand-new vehicle. A used car is also appealing if you have new-car money, but simply don’t want to spend any more than you have to for a reliable and comfortable vehicle.
You’ll Suffer Less Depreciation
From the moment you take a new car off the showroom lot, you’ll immediately run into the specter of depreciation. A new car purchase not only loses upwards to 10 percent of its initial value once it leaves the dealership, but roughly 60 percent of its value vanishes without a trace within the first three years of ownership. Ouch!
With a used car, the previous owner has already taken that wallet-wrenching hit for you, which is reflected by the lower cost of the used car versus its brand-new counterpart. Buying a used car is a great idea if you want to sidestep the steep costs associated with depreciation.
You’ll Have More Variety
Can’t find what you want when shopping for a new car? Try searching amidst the vast inventory of used cars. With so many used cars to choose from in a wide array of different body styles, trim levels, and a multitude of different features and options, you’re bound to find the one that appeals to you. Some used cars may even offer features that are hard to find on new cars within your price range.
You’ll Get More Car for the Money
For the same price of a new car, you can buy a used car that offers more features, a more powerful engine, or even a bigger vehicle that offers more interior space and/or seating capacity. Buying used can be a boon if you’re in search of a family SUV or minivan and need the extra size and space. If you want all of the luxury toys you can handle but on a mainstream car budget, a used or certified pre-owned luxury vehicle is the way to go.
Certified Pre-Owned Cars Are Like-New
Let’s say you want a used car, but also want the warranty and fresh look and feel of a new car. Certified pre-owned cars offer just that, providing buyers with used vehicles that are as close to new as possible. Each certified pre-owned vehicle undergoes a stringent factory-certified inspection process, where every potential flaw is scrutinized and every aspect of the vehicle is brought up to rigorous standards. Each vehicle is not only inspected and reconditioned to “like-new” status but also offered for sale with a warranty and other perks like free roadside assistance.
Insurance and Registration is Cheaper
It’s not just the cheaper upfront cost that makes a used car so appealing. In most cases, it’s also cheaper to register and insure a used vehicle as opposed to a brand-new one. Insurance companies often charge premiums based not just on the vehicle’s market value, but also the costs of repairing the said vehicle in the event of an accident. For the most part, used cars not only have a lower market value, but parts are also cheaper and the repair costs are also typically lower. The vast majority of states also charge lower registration fees and ad valorem taxes for older vehicles, which makes buying used an advantage.
Vehicle History Reports Help Reduce Risk
Buying a used car no longer means living in fear of a shadowy vehicle history. All it takes is a simple search on Carfax, AutoCheck, or VINCheckPro based on the vehicle identification number (VIN) to discover a used car’s prior ownership and service history. Some dealerships may even offer VIN checks for their vehicle inventory at no charge. Armed with this information, you can choose the used vehicle you want without the risk of picking a vehicle with a less-than-stellar maintenance history.
When you’re ready to buy a used car, check out the enormous selection of pre-owned and certified pre-owned vehicles at Lawrence Chevrolet.
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