New cars may look enticing, but it’s usually in your best interest to purchase secondhand. If you need help finding your next vehicle, choosing a pre-owned car could be a great option for you.
Here are five top reasons why you should choose a second-hand vehicle over something new.
1. Eliminate the New Car Depreciation
As soon as you buy a new car, it drops drastically in value – this is one of the biggest disadvantages of buying brand new. However, when you purchase a vehicle used, that big price drop has already occurred, and you can often sell it a few years later for a similar price.
2. The Issues Are Already Figured Out
A brand-new model can be quite problematic and often the first year or so of a new design will end up with recalls. By purchasing a car that is used and is a later model in the line, you’ll get a better value. The problems will have been worked out and in many cases, your vehicle will already have received any updates or repairs needed. It’s important to check the repair log, however, to make sure that it is in good shape.
3. Buy with Cash
Purchasing a new car can set you back quite a bit and most people make use of financing. However, this also carries potential issues, such as losing the vehicle if you default on your loan. Buying used allows you to get a better price and it may even be possible to purchase the car with cash.
You can eliminate the need to borrow money or finance the car and there’s no need for payments.
It may be possible to finance a vehicle even if it is used, particularly when purchasing from a car lot or dealership, so check into this if need be.
4. Lower Registration Fees
You end up paying quite a bit more in taxes and registration fees when you purchase a vehicle. However, if you buy used, the fees are considerably lower. The taxes are usually based on the vehicle’s retail value, which may reduce fees even more. If you’re trying to save money, you will reduce the amount paid by choosing an older, lower priced car.
5. Replacement Parts Are Easier to Find
Once you buy an older car, you have plenty of parts available to you, since the car has been on the market for a while. This means there will be more vehicles in salvage yards, more parts available in garages, and they are often cheaper this way, too. You can save quite a bit of money simply by waiting until there are more of the vehicle you like.
While a new car may be shiny and exciting to purchase, it’s rarely the best financial move you can make. Chances are there is a beautiful used car available that has already gone through the depreciation stage and is just right for you.
Interested in seeing used cars that may work for your needs? Browse our selection of used cars at Adderley Green Garage.