Used or New? 3 Benefits of Buying Used

It can be hard to decide when choosing between a used or new car, and you have many factors to contemplate before a decision is made. Even though new vehicles are just that — new — you may still benefit from purchasing a used car when the conditions are right. Here are three benefits you’ll want to consider when you buy used.

1. Price

Price is a factor to consider when looking for your next car, truck, or SUV. Used vehicles are typically a better deal when it comes to the total cost, helping your wallet in the long run. You can find plenty of used vehicles that have been well-maintained and are as reliable as they were when new. A low-mileage used car that’s been taken care of by its previous owners and has a reasonable price tag could be waiting for you, but you have to put in some legwork to find the one that’s right for you.

2. Avoid Vehicles that Rapidly Depreciate

New cars seem like the best way to go, but they immediately depreciate as they are driven off the dealer’s lot. Used cars known to hold their value are a better bet when getting your next vehicle. On average, new cars will lose up to 30 percent of their overall value within the first two years of ownership. Certain vehicles, such as trucks, SUVs, minivans, and certain cars, tend to retain their value longer. Specific examples are the Ford F-150, Chevrolet Suburban, Toyota 4Runner, Chevrolet Tahoe, Toyota Tundra, and the Chevrolet Silverado, to name a few.

3. Certified Used Vehicles

Pre-owned programs help ensure that you are getting a quality vehicle, regardless of its used status. Vehicles that are certified have to meet stringent requirements before attaining certification. They have to meet or exceed set standards such as:

• Age limits that mostly include late-model vehicles.
• No history of accidents or significant damage.
• Relatively low mileage for the age.

Other factors that play a part in certification include rigorous inspection processes of a given car’s cosmetics and mechanical performance. In most cases, a certified used car will offer an extended warranty beyond the manufacturer’s warranty and is typically comparable to the original warranty. Another benefit of buying a certified used vehicle is that of unique financing options to help lower interest rates, making the vehicle more affordable. Certifications such as these do bump up the price of a used vehicle, but the peace of mind that comes with it makes the higher price well worth it.

Today’s newer vehicles are more reliable and retain that reliability for much longer, making a used car, truck, or SUV as good as new when they are in excellent condition. The price of a new vehicle may be unaffordable, but you may find an older model of the same car at a more attractive price. Insurance rates are usually lower on used cars as well, helping you save more money. The next time you are in the market for another vehicle, consider buying used.

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