There are certainly good reasons for buying a new car, but there are also many surprisingly strong reasons for investing in a used vehicle. Used vehicles offer many benefits that new cars just can’t match. The multitude of benefits of used car ownership helps potential owners like you keep your options open.
The old tale that speaks of new cars losing a third of their value after they are driven off the lot has some truth to it. New car ownership comes with a slew of costs that many would-be owners may fail to appreciate. For example, in addition to potentially high monthly loan payments, new car owners must often deal with very high motor vehicle insurance payments. This is because, in many jurisdictions, the authorities require drivers of financed cars to carry the maximum in insurance. This can often add up to several hundreds of dollars per month; this is a potentially hidden expense that should be carefully considered by shoppers.
Unlike new cars, used cars often cost much less in initial value. Indeed, according to some statistics, used car buyers can save lots of money compared to new-car purchasers. This means that practically speaking, many used-car buyers can find solid, reliable, and competitive vehicles for less than $10,000. At this price point, it is also much easier for buyers who take out loans to arrange smaller payment amounts and longer terms. This lower sales value also translates into increased insurance savings as many companies base some of their calculations and rates on the book value of the vehicles in question.
Used cars have also been tested over time, and a high resale value often shows that a model of car has a high reliability rate. Though this is still subject to how a car has been treated and there are exceptions in both better-performing and worse-performing vehicles in every model, there is less uncertainty in choosing a used car with a known life span and level of reliability at a certain age and mileage.
These types of benefits represent just the tip of the iceberg when it comes to the ways in which used cars can save their owners some cash.
Historical Use Data
When new cars come rolling off their assembly lines with gleaming paint and fresh tires, they certainly look good. Indeed, most of these vehicles also perform well, but this always comes with an asterisk. A surprising number of new vehicles suffer from recalls from their manufacturers, and other models may develop specific problems over time. Because of this, it’s hard to tell just how a seemingly solid-looking new car will perform over its lifetime.
Used-car buyers have the benefit of historical data from a number of sources. For example, most vehicle reviews come with driver input. These actual drivers and owners can provide potential owners with valuable insights about the actual performance of the vehicles in question.
Another valuable source of potential information is mechanical reviews. These professional journals come packed with information about performance metrics of various car model years and trims. They can help shoppers identify and avoid problem vehicles while giving the thumbs-up to vehicles with solid performance histories.
In addition, many used cars have individual vehicle history reports available for them. This means that before a potential buyer purchases a vehicle, they can request such history reports and identify vehicles that may have suffered severe damage in accidents, floods, or similar events. This is yet another layer of security that can give used car buyers an edge new car owners cannot match.
Large Potential Vehicle Pools
There are a number of large carmakers, and every year, they each put out their model lineups. These model lineups include flagship vehicles as well as their various trims. While the number of new vehicles is certainly large, it is small in comparison to the available pool of used vehicles on the market.
There are literally hundreds of thousands of certified and pre-used vehicles. They represent virtually every model and make from truck to compact-mini and include the many trim lines associated with these vehicles. It gives used-car buyers a huge potential pool of vehicles to choose from, and this helps individuals find cars that may fit their unique needs. Plus, it also introduces them to large numbers of high-quality vehicles that range from luxury models to economy builds.
Online Shopping Made Easy
Another major benefit that comes to used car shoppers is online shopping capability. In the past, used car shoppers had to visit any number of brick-and-mortar stores on foot, a time-consuming effort under the best of circumstances. While doing so, they also had to wade through large quantities of lemons or otherwise inappropriate vehicles, making their searches more frustrating. Those times are past, and now used car shoppers can rely on online brokers to help them find the vehicles of their dreams. These listings often include a wide variety of makes and models, and they also list prices in easy-to-find registries.
To make things easier, buyers can view actual pictures of the vehicles in question and can take virtual interior or exterior tours that allow them to visually enjoy various details. Plus, in many cases, they can choose a color of their choice and other personal accessories. In addition to getting these personal views of vehicle features, online shoppers can often get quick access to various financial services.
For example, online vehicle browsers can often take advantage of quick loan pre-qualification services that can help them access loans and other valuable services. These special online loan pre-qualification services are often very swift and at a minimum can give car shoppers a good idea of where they stand on the credit landscape. In some cases, such shoppers can expect personalized delivery of their vehicles, sometimes to their very doorsteps. There is no doubt that used car shopping online has come a long way and in many fashions is superior to the new car buying experience.
Pre-Owned Vehicle Checks
One reason that people may opt for new car ownership is that they believe that these vehicles may be worry-free as compared to used ones. In the past, this may have been true because used car buyers had to rely on the graces of any number of small, private sellers. Now, used car shoppers have access to professionally administered online registries that can help them find the cars of their dreams. This is just the beginning because used car shoppers now have more access than ever to information about the status of pre-owned services. These pre-owned vehicle services expose their vehicles to many rigorous tests, checks, and repair services and may even allow you to get a warranty on your used car.
For example, some services offer multi-phase vehicle inspections for every vehicle that they certify. These checks cover systems like electrical, suspension, cooling, heating, logic, and more. In many cases, these checks may give future used car owners more confidence than new car buyers. At the same time, used cars often come with many of the same accessories and fringe benefits that new cars do. For example, many used cars come with advanced roadside assistance services attached.
These can include goodies such as towing, car starting, door opening, and tire repair. It may also include trips and tows to any participating repair facilities. Many used vehicles also come with generous warranties that rival those offered by new car manufacturers. These warranties can last from months to years for some buyers. They usually cover powertrain damages as well as some parts and service options.
Some vehicle owners also enjoy personalizing their vehicles, and this is a growing trend. Such individuals can also benefit from the wide variety of accessories available to used car buyers. Many types of used car purchase deals offer factory-made or original equipment manufacturer parts and accessories that can give any car a personal flair. These accessories can include externals such as lights, wheels, tires, antennas, internal electronics, and more.
Used Car Resale Value
Used-car buyers who do their homework beforehand in terms of locating reliable models can also count on getting fringe benefits when they sell their vehicles. Well-maintained, warrantied, and pre-checked used vehicles that enjoy gentle use can maintain their values over many years. When the time comes to search for a used vehicle, this feature can express itself as a high resale or trade-in value. On some vehicles, this can add up to many thousands of dollars, and this can ease the burden of replacement vehicle purchases.
While there is no doubt that new vehicles have some charms, it is easy to see that used vehicle ownership outshines these benefits in many important ways. Future vehicle owners who take the time to explore the used car market will find that they have many more options to choose from than they may have previously believed.