Whether you’re a car buyer for the first time or an experienced veteran, there’s always the hard decision deciding whether to go with a new or renewed vehicle for your next purchase. The new cars have the latest style, technological features, low interest rates, and that very expensive new car odor, but are they really the best choice for you and your budget? Let’s Get the overview of some used car wisdom and give you four great reasons to go pre-owned in your next car.
1. They are less expensive
Let’s get the obvious off the road-in most cases you’re going to save money on buying your used car and probably some money on this. Once you buy a new car and take it around the block it is no longer new and that value decreases quickly. According to Consumer Reports, your new car car on average will be worth 54% of the original purchase after only 3 years-it hurts!
The average cost of a used car is predictably well below that of a new car model and that is not the only space for saving. Logically you will pay less taxes on a car at lower prices and it is often cheaper to protect them too. However, you need to take note of the vehicle’s mileage because the driving distance and the remaining guarantee will likely affect the maintenance costs.
2. Rates and conditions of financing
With low producer financing rates and longer term retailers available they are able to show some very attractive monthly payments in a new car, but don’t forget to do the math. Even a lower rate can actually add up to more than a funding period of 7 or 8 years and the growth of pre-certified property programs (CPO) has really cut the gap. Banks do not only offer aggressive fares, but certified used cars offer even lower rates, plus additional warranty coverage bonuses and extended vehicle inspections. The new advantage of the car is beginning to fade with exceptional used car financing options available.
3. Reports on the history of the vehicle
Maybe your hesitation about buying a used car is that you simply don’t know where you’ve been or what you’re getting and this is understandable, but with transparent reports using tools like CarProof you get a good idea of what you are looking for. Vehicle history reports might not capture everything, but you usually get essential information like
The number of previous owners
Any history of accidents or damage with details
Previous status of registration (personal, leasing, taxi, rental, etc.)
Validation logs and mileage maintenance
4. The Reliability
If you’re thinking 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 and the numbers continue to increase as automobile builders continue to improve their lines. Modern cars, trucks and SUV’s simply have a longer life than they had used and this is great news if you’re on the market for a vehicle owned.