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4 Smart Reasons To Buy A Used Car

Whether you’re a first-time car buyer or a seasoned veteran, it’s always the difficult decision to decide whether you should go with a new or pre-owned 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? We’ll go over some used car wisdom and give you 4 great reasons to go pre-owned on your next car.

1. They are Less Expensive

Let’s get the evidence out of the way – most of the time you will save money buying your used car and probably quite a bit of money at that. Once you buy a brand new car and take it around the block, it’s no longer new and that value diminishes rapidly. 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 below that of a new car model and that is not the only space for savings. Logically you will pay less tax on a lower priced car and it is often more affordable to insure them as well. However, you should note the mileage of the vehicle as the distance driven and the remaining warranty will likely affect your maintenance expenses.

2. Finance Rates & Terms

With low factory finance rates and longer terms available dealers can show you very attractive monthly payments on a new car but don’t forget the maths. Even a lower rate can really add up over a 7 or 8 year financing term and the growth of certified pre-owned (CPO) programs has really narrowed the gap. Not only do banks offer aggressively low prices on used cars, but certified used cars offer even lower rates still and the added bonus of additional warranty coverage and comprehensive vehicle inspections. The new car advantage is really starting to fade with 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 getting and that’s understandable, but with transparent reporting using tools like CarProof you have a very good idea of ​​what you’re dealing with. . Vehicle history reports may not capture everything, but you will usually get vital information such as

The number of previous owners

Any history or damage with details

Previous registration status (Personal, Rental, Taxi, Rental etc..)

Mileage validation and maintenance records

4. Reliability

If you think 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 those numbers continue to rise as automakers continue to improve their lineups. 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 pre-owned vehicle.

There are many things to like about the prospect of buying a brand new car that no one else has driven yet, but there’s no doubt that pre-owned vehicles are the better 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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