Should you buy a new car or a used car? That is the question. It’s an age old dilemma that every car buyer has to face, and neither answer is right or wrong. It all depends on your wants, needs, budget, and appetite for risk.
Today, let’s take a look at some of the advantages of purchasing a Pre-Owned Vehicle:
- Huge Savings! You don’t absorb the (rather quick) costly depreciation.
- Sometimes as much as 20+% the moment you drive off the lot & as much as 30% by the end of the first year.
- Once you understand how car depreciation sucks money directly out of your pocket, you can save boatloads of cash over your lifetime.
- Reliability. Vehicles are more dependable now than they’ve ever been.
- All vehicles require maintenance such as oil changes, tires and tire rotations, brakes, etc. However, vehicles are also delivering in excess of 150+k miles before needing considerable repairs.
- Warranties. There are stellar warranty options that serve to protect you when purchasing a pre-owned vehicle.
- Special warranty programs in place that cover all major costs/repairs up to four years with unlimited miles (for pennies on the dollar!).
- Lower Insurance Rates. When a car is worth less, it costs less to insure when you’re buying collision and comprehensive coverage.
- Benefits of Safety & Technology Features:
- You will still get all of the latest and greatest safety & technology resources when purchasing a vehicle that is a couple of years old, and without the hefty upfront costs.
- Registry Renewals are Less Expensive on a Pre-Owned Vehicle.
- The cost of renewing a vehicle goes down every year, this is another way that you will continue to save money by buying pre-owned.
Depreciation is the silent killer to your automotive budget. Unless you plan to drive the wheels off of the car, don’t care about trade in value, or depreciation–buying pre-owned is likely the best option.
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