The Benefits of Buying a Used Car
The Benefits of Buying a Used Car
Posted on December 9, 2021
Upon hearing the words “used car” many people might picture a 20-year-old piece of junk with bald tires, a cracked windshield and a metal coat hangar for an antenna. But used cars needn’t have such a negative reputation. In fact, going with a pre-owned vehicle can save buyers thousands of dollars while still providing them many of the protections and services that come with buying a new car.
The minute someone drives a brand new car off the lot, its value takes a nosedive. It’s called depreciation, and a vehicle’s value can decrease up to 30 percent in just two or three years. Buyers who are willing to drive a car that is a couple model years old reap the benefits of depreciation in the form of big savings. And, after a few years, the rate of depreciation slows, so you won’t take as big a hit if you end up selling the car at some point. Finally, when you buy a car that’s a bit older registration fees and insurance premiums are typically less.
Sure, the skeptic might say, you may save some money when you purchase a used car, but it will end up costing you a lot more with problems down the road. While there sometimes is a risk to buying a used car – especially from a private party or from a disreputable dealer – that risk is greatly diminished if you opt for a certified pre-owned car. These are typically lease returns or trade-ins that aren’t too old, have relatively low mileage and undergo a rigorous, multi-point inspection. Better yet, certified pre-owned vehicles are backed by the manufacturer and come with an extended warranty, limited bumper-to-bumper coverage and other perks.
So, do away with the stigma attached to used cars. Of course, you still need to do your due diligence, such as having your mechanic do an inspection. But if you shop smart and look at certified options you can score a great ride for a lot less money than buying new.