Many people are easily tempted into purchasing brand new cars. This is because financing a brand-new car is a lot easier than a pre-owned car. Not to mention, new cars come with the latest technology and safety features.
But, if you’re going to look at it from a different standpoint, buying a brand-new car is often not a good financial decision because of these reasons:
- The Value Of A New Car Depreciates Immediately
Did you know that the value of a brand-new car will decrease immediately as soon as you drive it off the lot? There are some makes of cars like the Ferrari that are able to hold their value compared with other cars. Also, new cars are more durable than used cars. However, new cars can lose up to 30 percent of their value in just a year of use.
So, if you were to buy a new car, it means that you’re already losing a lot of its actual value while you’re still paying for it. This is why buying a new car is not considered as a good investment.
- Pre-Owned Cars Provide Peace Of Mind
If you think that you’ll no longer get a warranty for buying a pre-owned car, you’re wrong. There are car dealerships that sell manufacturer certified pre-owned cars which come with some type of warranty. You can visit visiondodgechryslerjeep.com to take a look at some of these.
Buying a manufacturer certified pre-owned car gives its new owner peace of mind as it offers a higher level of protection. A manufacturer certified pre-owned car comes with some type of warranty that is often based on mileage or age. It also comes with a couple of extra guarantees such as roadside assistance or free rental service whenever your pre-owned car needs some repair or maintenance in a shop.
- Vast Options
Thousands of new car models are introduced every year around the world. But, the pre-owned car market presents an even larger inventory of car models.
Car manufacturers tend to discontinue some trims and models, especially if they’re not selling well, which means your perfect car could be one of those. For instance, if you’re looking for a particular trim of a small pickup. It could be very difficult to find that type of vehicle, especially now that the current market is flooded with SUVs and crossovers. But, if you look in the used car market, you can find a small pickup of your choice. If you’re lucky enough, you can even buy a customized car for a very good price as long as you know where to find one.
- Save On Insurance Costs
Another reason buying a pre-owned car is smarter is because of the insurance costs. Generally speaking, the more value the car has, the more you’ll have to pay for its insurance. However, a pre-owned vehicle is going to cost you a lot less on insurance than a brand-new car.
Depreciation also doesn’t mean too much for your insurance costs. If your brand-new car is wrecked in the same year that you bought it, the insurance company will pass the repair costs to you, the owner. But, if you purchased a used car that has depreciated, it won’t cost you much to insure it.
- The Thriving Used Car Market
Another great reason to buy a pre-owned car is that there is plenty of information available on them that you can easily find. Numerous fora and car sites often have a thriving user base that’s ready to share information about certain used car makes and models. Any problem, concern, issue, or quirks you might have about a particular used vehicle will surely be addressed if you visit these sites.
- Value For Money
There are pre-owned cars out there that can still give you value for money. You just have to diligently search through dealerships and private sellers for them. Look for telltale signs of a well-maintained car. Look under the hood, with a reliable mechanic, if you can, for good engine health. It’s even a bonus if the used car is loaded with impressive accessories. If you can find one of these and not have to spend as much as for a brand-new car, then that’s good for your money.
There are many reasons to buy a used car. Back in the days, buying a used car is considered to be a big gamble. But, now, with the wealth of information and programs available for pre-owned vehicles, buying a used car that suits your need best is a very sound decision to make.