Here’s Why You Should Consider Getting a Used Vehicle
If you’re looking to buy a vehicle and aren’t sure whether to go new or used, you’re certainly not alone. Each option has advantages, and if you’re not sure which to pick, you have landed on the right page. New vehicles might seem attractive and exciting, but they come with drawbacks that you won’t get from buying used. Many buyers seeking a new car soon change their minds once they start browsing the pre-owned market. To help you decide, take a look at our list of reasons why you should consider getting a used vehicle.
Lower Price and More Options
The most obvious reason to shop for a used car is that used vehicles can be far less expensive than their brand-new equivalents. After a few years, the price of a new model can approach double that of a used one. When someone wants to buy a new car, they will be limited to whatever the automaker they’ve selected has chosen to release that year. Used cars, on the other hand, are perfect for shopping around. The more patient you are about finding the best bargain, the more money you can save.
The used automobile market is a great place to find your dream vehicle. Since all model years besides the current one are under consideration, the market is much larger. You’ll be able to more easily select your ideal combination of colors, optional packages, and drivetrain — which might have been out of your price range otherwise, especially during times of limited availability on new cars.
Less Pressure to Maintain
Driving a fresh new car is exciting, but it’s also difficult when you have to worry about the minor dents and dings that ruin its perfect image. Every tight squeeze through a parking lot is that much more stressful. When you’re used to driving a pre-owned car with a light flaw or two, little imperfections come with the territory. They may also be less expensive to fix.
New Cars Quickly Lose Their Value
One of the reasons used cars are less expensive to own is that the depreciation on a new car is significantly greater. For anyone unfamiliar, depreciation simply means a loss in value. All other factors aside, a recent vehicle’s market value will depreciate every year. The steepest depreciation occurs during the first year of ownership. Usually, a new car will lose the majority of its initial value during the first three years.
For drivers who only want to own their vehicle for a few years, buying new means they’ll be trading or selling it for much less than what they paid. Used vehicles have lower, slower-depreciating values, so when it’s time to move on to the next vehicle, drivers get more for their money to go towards buying another, similar vehicle. At the right age, used cars also have more room to maintain their value, such as with detailing and replacement of older parts.
Also, if you buy a car with higher financing payments, like a new one, maintaining the car’s value becomes critical. When a car loses so much of its value that it is no longer even worth the financing payments, it’s called going upside down on an auto loan. Just remember: Because used automobiles depreciate at a significantly slower rate, you are more likely to pay off the vehicle without issues.
Lower Insurance Premiums
Motor insurance rates are set depending on the vehicle’s market value. As a result, an insurance company will charge a higher premium to protect a brand-new car. For careful drivers who don’t want to shoulder unnecessary expenses, a used model with similar coverage and a lower premium makes sense.
Used Vehicles Have Mostly the Same Features
The freshest cars, trucks, and SUVs will have the latest features and optimizations, there’s no doubt. However, more significant innovations, like automatic safety features, rearview cameras, and infotainment screens, appear in just about all vehicles from the past five years. At a time when vehicle software is becoming a bigger factor in its price, and more and more vehicles are receiving live updates to their software after the purchase, the drawbacks of older automobiles continue to shrink.
Easy Access to Vehicle History
The greatest risk in getting a used automobile is purchasing one that has been in the shop a few too many times. Fortunately, as long as you do business with a trusted pre-owned dealership, this disadvantage no longer applies. Vehicle history reports are inexpensive and easy to obtain. A reliable dealer will make viewing a model’s history easy and only offer models with relatively light, uneventful history reports.
Always look at a vehicle history report before purchasing a used car. Any issues of concern will be brought to light, and you can safely avoid a vehicle with an unappealing history. The vehicle history report will include information such as the number of prior owners, accident and repair history, accurate mileage, and more. If you ever see something on a vehicle history report that concerns you, ask about it. Only sign when you feel entirely confident.
More Reviews and Ratings
When you buy a used car, you’ll also have access to a plethora of first-hand knowledge about the vehicle on the internet, such as critic reviews and owner posts on car forums. The internet easily sheds light on common issues, worries, and how to solve problems. Mileage ratings, crash safety tests, recalls, and other information will all be recorded, as well.
If a brand new vehicle has an issue, there’s a possibility you won’t find anything definitive about it online yet. Or there might be only one solution, such as waiting for a recall appointment.
Upon closer inspection, many families decide that buying a used vehicle will save them money in the long term. When you consider how advanced and attractive many cars, trucks, and SUVs from the past few years have been, there’s nothing to lose by buying pre-owned. Let our team at Miami Car Credit help you reach your car-shopping goals. We make it easy to get pre-qualified for an auto loan, sell or trade your used vehicle, and get the service your model needs.