If your goal is to save money when buying a car, it’s never a bad idea to consider a pre-owned vehicle. It can help you enjoy savings in many ways.
The good thing about pre-owned vehicles is that you can pay a low price for your purchase while still getting the same car model you like. But, there’s more than that.
When buying a pre-owned vehicle, you have to note that not all vehicles are the same. This is why you should do your homework before checking whether or not the vehicle is in good shape. But, regardless of the selection of vehicles available, here are the reasons to buy a pre-owned vehicle:
- More Variety To Choose From
Once you decide to get a pre-owned vehicle, you’re giving yourself countless options for the best vehicles to choose from. Every year, there are hundreds of new models of cars available.
The number of pre-owned vehicles typically outnumbers the number of new car models in the market. It includes models with aftermarket upgrades and trim levels. With that in mind, it’s much easier to find certified pre-owned vehicles that best fit what you’re searching for. The right and best vehicle for your needs will put a smile on your face every time you drive, allowing you to enjoy your daily commute.
- New Cars Depreciate Quickly
Brand new cars depreciate the moment you drive them. This is a crucial point to remember when deciding whether to settle with a new car or opt for a pre-owned one. Sure, other brands or makers may hold their cars’ value better than others. However, new cars usually last longer than they used to. New vehicles may also lose up to 30 percent of their value during the first year of driving them.
You’re losing more money, particularly if you’ve borrowed money to afford your dream car or purchased it in installments. Due to the interest, you won’t only pay more, but also your vehicle may lose its value quickly.
- No Need To Deal With New Car Fees
While you need to pay fees for any kind of car you purchase, like vehicle and license registration, the fees that could be tacked on to new cars are often higher. The charges may include advertising, handling, processing, and delivery fees.
- More Reliable Data From Vehicle History Report
Another reason to buy a pre-owned vehicle is that there’s more data availableabout how reliable the vehicle is. It’s normal for car manufacturers to create new designs for their cars every five years. Such redesigns may include changes in the electrical systems, transmission, and engine. It could be hard to determine the new vehicle’s reliability if there’s no data available.
However, it’s never the case when buying pre-owned vehicles. It’s because you’ll get loads of data available online, enabling you to be more aware of your preferred vehicle’s issues. Aside from that, several services track the pre-owned vehicles’ depreciated value. This way, you’ll know what a fair price offer is for the vehicles you like to buy.
In addition, while a poor history report could prevent you from buying a vehicle with issues, a vehicle with a good history report doesn’t always guarantee that it’s in tip-top shape. You may still need to hire a mechanic to check the vehicle to ensure that it’s in good condition.
- Reduced Insurance Costs
With pre-owned vehicles, you’ll also enjoy significant savings on auto insurance rates. The reason behind it is that you’re taking less risk on the car that’s being insured.
When purchasing a new vehicle, the insurance company pays for your coverage as if you bought the car from them. On the contrary, once you buy a pre-owned vehicle, you’ll get a low premium because the insurer knows that you’ll have to replace the vehicle sooner or later. If you purchase your next car directly from an individual instead of the dealership, you’ll pay more, but you’ll still pay less on auto insurance.
No matter what type of car you choose to purchase, another reason to opt for a pre-owned vehicle is that you’ll get the benefit of warranties. Many pre-owned cars come with a warranty of at least two years. If you have a warranty, you can have peace of mind knowing that you’ll get the best service for your hard-earned money, even if the car has been sitting in somebody’s garage for a few years or months.
Those are some of the reasons why you should buy a pre-owned vehicle. Whether you’re on a budget or you want to save more on buying your first car, you can enjoy various benefits with pre-owned vehicles. However, do careful research and assess the vehicle you prefer to make a well-informed decision, especially if it’s your first time purchasing a car.