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Although everyone loves the idea of owning a fancy new car, many of us ultimately decide to go for a used vehicle rather than a new one. The lower price tag that tends to come with second-hand vehicles is just one of the advantages that used cars have over new ones. As auto industry professionals like Jeff Lupient can explain, depending on your needs and preferences, the benefits of buying a used car might be just what you are looking for.
No big hit from depreciation
One of the hardest things to accept about a shiny new car is that it begins to lose its value almost immediately, and within a year or so you probably still owe more on the car than it is actually worth. When you buy a second-hand car that is a few years old, you reap the benefits of the depreciation in terms of a significantly lower sticker price, and also get to enjoy a ride that may no longer have that new car smell but which will probably still be in excellent condition and under warranty.
Lower insurance fees
The fact that used car has lost a big portion of its value by the time you buy it has a secondary benefit in that insurance premiums will generally go down for older vehicles.
Lemon reports
Lemons are less common than they used to be, but it is still the case that design flaws make their way into the production process. Recalls also occur. An advantage of buying used vehicle is that you can research vehicles to get a sense of any known performance or manufacturing issue.
Lower fees in general
In many instances, buying a used vehicle means that you will avoid various fees and taxes that may be levied against new cars. It is also the case that in some states, the cost of annual registration goes down as the age of the car increases.
Warranty eligibility
While you may end up paying more for a certified used car at a dealership, one of the advantages is that you will have some peace of mind that the car has been inspected and certified. As an added bonus, they are also typically covered under extended long-term warranties.
As you can see, there are a number of benefits that come from buying used – however, even though used cars can save you money, you need to be sure that you have done your homework before signing on the dotted line. Take advantage of the wealth of information available online and be sure to search reviews for the car you are considering buying to make sure that you are not going to get stuck with a lemon. Especially if you are making private purchase, be very careful to conduct due diligence on the vehicle by searching its VIN to make sure it hasn’t been in an accident. You should also be sure that you understand the consumer laws in your state that are in place – or not – to protect you in case something goes wrong with the transaction.