Your budget may not let you consider buying a new car, so what should you do if you absolutely need a vehicle? You have the option to purchase a quality used vehicle instead. There are actually a lot of advantages to buying a vehicle that has already been around the block, so to speak.
Buying a pre-owned vehicle is becoming more the standard than the exception these days, both for first-time buyers and buyers who have owned other cars. Previously, buying a used car had people thinking their car might not be reliable or that you’d have to perform more maintenance to keep it going, but it turns out these are myths. Quality used cars tend to be just as dependable as new ones. A used car and a new car need about the same amount of maintenance, based on how much you drive.
Here are five reasons to buy quality used vehicles:
1. More Affordable Price
This is the most obvious advantage when you start shopping for a used car that’s new to you. You can save thousands of dollars initially and over the life of the car when you buy used. When you compare apples to apples on make and model, a used car will be less expensive than a brand-new vehicle. In fact, you could get a luxury model or a higher-class car in general since these used vehicles could fit your budget a lot better without having to pay the “new luxury vehicle” price. You might also need less of a down payment to make the initial purchase.
New vehicles are getting more expensive. This means buying a new car might be out of the price range for many shoppers, especially for first-time car buyers, who may not have another vehicle to trade in. There are signs that the market is shifting in a direction more oriented toward the new-to-you pre-owned vehicle.
2. Lower Insurance Rates and Fees
Your wallet is going to thank you for buying a used car! When a car is worth less than a comparable new car, it costs less to insure it, which means your monthly payments for collision and comprehensive insurance coverage are going to be lower. Other fees are also going to be cheaper, such as registry renewals; the cost of registering a used car reliably goes down for every year you own it.
New cars can also come with hidden fees, which are over and above the sticker price. These fees can be options sold to you as necessary when they aren’t or as advertising, pre-delivery inspection, or market adjustment fees. Used cars don’t tend to have these, and add-ons such as roof racks, sunroofs, or rust-proof coatings tend not to affect the overall price.
3. Less Stress About Mars and Nicks
There’s no doubt about it: it really sucks when your brand-new car gets a ding in the paint or a scrape on the bumper. But when you have a previously owned car, it’s much less of a bummer. Maintaining the “new car feel” might feel less important when your car has been owned by one or two people prior to you.
4. Less Depreciation
Depreciation is the term used for the loss of value in property you might own. Other things that depreciate include machinery, office buildings, and computers. Vehicles tend to be the possessions that depreciate in value the most. In fact, as soon as you drive a new car off the lot, the value of that car decreases—by a lot. And a new car will also lose a lot more value over the first year of its life with you, sometimes by as much as 20 percent.
A few different factors feed into this depreciation algorithm: How well has the car been maintained? How often do you drive it? How far do you drive it when you do? What was the condition of the car to start (there is a difference between a car that has been gently used and one that was roughly used)? There are some things you can do to help minimize the depreciation of your car, such as taking good care of it and driving it carefully. But overall, a used car will depreciate less than a new car will, which means you’re making a better investment when you buy a used car.
5. There’s a Warranty Option
A warranty is a contract that protects against defects to your car’s parts and mechanical components. Let’s say after driving your car for a couple of years, your transmission goes out. The warranty will cover the parts and labor for fixing your transmission. It’s not exactly insurance, but it does ensure you aren’t on the hook for an expensive fix.
New cars usually come with a manufacturer’s warranty, but you can also buy a warranty from the dealership or a third party when you buy a used car or purchase a car whose warranty is still intact. Maybe the previous owner drove this vehicle around for three years and then traded it in, and it still has two years left on a five-year warranty, for example.Ready to purchase your used car? Buy from a dealership you can trust. At Ingram Park Pre-Owned Outlet, our pre-owned vehicles are of the highest quality. Each of our used vehicles passes a rigorous 160-point eligibility inspection test so you can feel confident you’re getting the best quality used vehicles at the most affordable prices. We know our drivers and passengers aren’t just drivers and passengers—they’re our families, our friends, our children. That’s why we make sure each vehicle is scrutinized and tested, from major to minor components. Visit us today to find the pre-owned vehicle that is right for you!
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