Whether you’re a seasoned veteran or a first-time car buyer, you’ll always face the difficult decision of whether to buy a new or used vehicle for your next purchase. Although new automobiles come with cutting-edge design, cutting-edge technology, low interest rates, and that well-loved new car smell, are they really the best option for you and your budget? We’ll go over some used car advice and give you four great reasons to buy a used car for your next purchase.
1. They’re Cheaper First
let’s state the obvious: if you buy your car used, you will almost certainly save a significant amount of money. When you buy a brand-new vehicle and drive it around the block, it is no longer brand-new, and its value quickly declines. After just three years, your brand-new car will, on average, be worth 54% of what you paid for it, according to Consumer Reports.
The average cost of a used car is typically significantly lower than that of a new model, but that’s not the only area where you can save money. It stands to reason that if you buy a car at a lower price, you’ll pay less in taxes and find it cheaper to insure it. However, you should keep track of the mileage on the vehicle because the distance traveled and the warranty remaining will likely have an impact on maintenance costs.
2. Rates and Terms of Financing
Dealers are able to show you some very attractive monthly payments on a new car because they offer longer terms and low manufacturer financing rates. However, you should always do the math first. Over a financing term of seven to eight years, even a lower rate can really add up, and the rise of certified pre-owned (CPO) programs has really closed the gap.
Not only do banks offer extremely low rates on used cars, but certified used cars also offer even lower rates and the added benefits of an extended warranty and thorough vehicle inspections. With excellent used car financing options available, the advantage of a new car is beginning to really fade.
3. Vehicle History Reports
It’s understandable if you’re hesitant to buy a used car because you don’t know where it has been or what you’re getting. However, transparent reporting using tools like CarProof gives you a good idea of what to expect.
The number of previous owners, any accident or damage history with details, the vehicle’s registration status (personal, lease, taxi, rental, etc.), mileage validation and maintenance records, and so on are typically included in vehicle history reports.
Reliability If you think buying a used car could be risky because it won’t last very long, you should do some research. The average vehicle on the road today is more than ten years old, according to several studies, and this number continues to rise as automakers continue to expand their product lines. If you’re looking for a used car, modern cars, trucks, and SUVs simply have a longer lifespan than they did in the past.
There are many advantages to purchasing a brand-new vehicle that no one else has driven yet, but pre-owned vehicles are without a doubt the better value. What will be your next purchase after reading our four smart reasons to buy a used car?
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