If you're trying to decide between purchasing a new or used vehicle, your “pros” and “cons” lists could be as long as the journeys that await your adventures. Regardless of whether you're searching for a fun off-roading rig, a company truck, an SUV to get the kids to activities, or a daily driver for your commute, there is a limitless selection available for you.
You probably already know that a used vehicle is typically less expensive than a new one. Financial considerations usually come first, but that being said, cost isn't the only factor in your decision-making process. Safety is a likely concern; mileage, another. But did you notice how both relate to finances? The list goes on, and the only thing you know for sure is that everyone has an opinion, none of which quite aligns with your budget.
How Could a Pre-Owned Vehicle Save You Money?
Why not start your search by exploring your options in the used market? Sticker price isn't the only consideration when you get a new-to-you ride. Here are five surprising benefits of buying a used vehicle over a new one.
1- Options
You might not be able to afford the modifications you really want on a new vehicle. Upgrades often come at a premium, so why not let another motorist handle the cost? Although you may not be able to find all of your preferred specifications on a used vehicle, it might be wise to look for a car or truck with some of the luxury features you want – and get them at a fraction of the expense.
2- Less Depreciation
The value of new vehicles decreases by 20% in the first year. That loss increases to 60% within five years. Choosing a used vehicle can actually save you money, far beyond your initial investment.
3-Lower Insurance Premiums
It's only natural that you have to pay more to insure vehicles that have a higher value. Plus, you may opt out of comprehensive coverage if you're able to pay cash for a vehicle instead of financing one. Before you purchase any type of car, you should figure out what the insurance costs will be.
4- Vehicle History
Makes and models have different reputations for reliability, performance, and maintenance. Doing your research can help you understand what to expect once you finalize your purchase rather than risking your paycheck on something that's just hit the market.
5- Peace of Mind
True, new vehicles come with a manufacturer's warranty specific to a certain number of years and/or miles. But were you aware that when you buy a certified pre-owned vehicle, factory-trained mechanics have approved of their condition? Additionally, these vehicles may qualify for an extended warranty.
As you can see, purchasing a new vehicle isn't always the best decision. Buying a used vehicle can provide significant financial advantages.
Although a brand-new vehicle probably holds some appeal, the advantages of buying a used car may outweigh your initial desires - especially considering the overall long-term savings associated with a pre-owned vehicle.
Depending on your needs, a used vehicle may provide the excellent value and reliability necessary to get you back on the road, in budget, safety, and style.
