Let’s overview some used car wisdom and give you 4 great reasons to buy your next used car.
1. They are less expensive
Let’s get the obvious out of the way – In most cases, you will save money on your used car and probably some money.
Once you buy a new car and drive it around the block, it’s no longer new and its value drops quickly. According to Consumer Reports, your new car, on average, will be worth 54% of its original purchase after just 3 years – it hurts!
The average cost of a used car is predictably much lower than that of a new car model and this is not the only room for savings.
Logically, you’ll pay less tax on a lower-priced car, and it’s usually more affordable to insure too.
However, you should watch the vehicle’s mileage as the distance traveled and the remaining warranty will likely affect your maintenance expenses.
2. Financing Rates and Conditions
With low manufacturer financing rates and longer terms, 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 to a 7 or 8 year financing term and the growth of certified preowned (CPO) programs has really closed the gap.
Not only do banks offer aggressively low used car rates, but certified pre-owned cars offer even lower rates, plus the added bonus of additional warranty coverage and extensive vehicle inspections.
The new car advantage is really starting to disappear with the exceptional used car financing options available.
3. Vehicle History Reports
Maybe your hesitation about buying a used car is that you just don’t know where it’s been or what you’re buying and that’s understandable, but with transparent reporting using tools like CarProof you have a good idea of what you’re dealing with.
Vehicle history reports may not capture everything, but you’ll usually get some essential information like
- The number of previous owners
- Any history of accidents or damage with details
- Previous registration status (Personal, Rental, Taxi, Rent, etc.)
- Mileage validation and maintenance records
If you are thinking that it might be a risk to buy a used car because it won’t last long, then you should do some research.
According to several studies, the average vehicle on the road today is more than 10 years old and these numbers continue to increase as car manufacturers continue to improve their lines.
Modern cars, trucks and SUVs simply have a longer lifespan than they used to and that’s great news if you’re in the market for a used vehicle.
There are a lot of things to like about the prospect of buying a new car that no one has driven yet, but there’s no doubt that used vehicles are the best value.
Now that you’ve read our 4 smart reasons to buy a used car, what will be your next purchase?
In conclusion, we wish everyone interested in buying a used car to be successful and actually able to find a good vehicle on the market. Good luck!