Is An Old Vehicle Cheaper Than A New Car Long-Term 4 Smart Reasons To Buy A Used Car

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4 Smart Reasons To Buy A Used Car

Whether you’re a first-time car buyer or a seasoned veteran, it’s always a tough decision to decide whether to go with a new or pre-owned vehicle for your next purchase. New cars have the latest styling, tech features, low interest rates and that much loved new car smell, but are they really the best choice for you and your budget? We’ll go over some used car knowledge and give you 4 great reasons to buy your next car.

1. They are less expensive

Let’s get the obvious out of the way – in most cases you will save money buying your used car and possibly quite a bit of money. Once you buy a brand new car and drive it around the block, it’s no longer new and that value drops quickly. According to Consumer Reports, your new car will on average be worth 54% of the original purchase after just 3 years – that hurts!

The average cost of a used car is predictably much lower than that of a new car model and this is not the only room for savings. Logically you will pay less tax on a lower priced car and it is often more affordable to insure them too. However, you should consider the vehicle’s mileage, because the mileage and remaining warranty are likely to affect your maintenance costs.

2. Financing rates and conditions

With low manufacturer financing rates and longer terms, dealers are able to show you some very attractive monthly payments on a new car, but don’t forget to do the math. Even a lower rate can really grow over a 7 or 8 year financing term, and the rise of Certified Pre-Owned (CPO) programs has really narrowed the gap. Not only do banks offer aggressively low used car rates, but certified pre-owned cars offer even lower rates plus the added bonus of additional warranty coverage and extensive vehicle inspections. The new car advantage is really starting to fade with the incredible used car financing options available.

3. Vehicle history reports

Maybe your reluctance to buy a used car is that you just don’t know where it’s been or what you’re getting and that’s understandable, but with transparent reporting using tools like CarProof you get a very good idea of ​​what’s going on with it. which you have to do. Vehicle history reports may not capture everything, but you’ll usually get some essential information such as:

Number of previous owners

The history of any accident or injury in detail

Previous registration status (Personal, Rent, Taxi, Rent, etc.)

Mileage validation and maintenance records

4. Credibility

If you’re thinking it might be a risk to buy a used car because it won’t last long, then you need to do some research. According to some studies, the average vehicle on the road today is over 10 years old, and that number continues to grow as car manufacturers continue to improve their lineup. Modern cars, trucks, and SUVs simply have a longer lifespan than they used to, and that’s great news if you’re in the market for an older vehicle.

There’s a lot to like about the prospect of buying a brand new car that no one else has driven yet, but there’s no doubt that pre-owned vehicles are the best value. Now that you’ve read our 4 smart reasons to buy a used car, what will your next purchase be?

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