6 Reasons To Consider When Buying A Pre-Owned Vehicle
Ranging from cars, SUVs and buses to trains, airplanes, and boats, all forms of vehicle serve to aid people in seamless transportation to their desired destination. While public transportation is accessible and convenient for most people, it doesn’t support autonomy or personal control, and this is where private vehicles come into the scenario. Having a personal vehicle helps people to get to work or meet up with friends with ease. However, not everyone can finance a new car fresh from the showroom, and can only afford used cars, such as those available at https://www.visionnissancanandaigua.com/.
Many consider this choice to be a more reliable one, and in light of that, here are top six reasons why it’s worth considering a pre-owned vehicle:
- New Cars Have Rapid Depreciation
At the end of a brand-new vehicle’s first year, it has already lost 20% to 30% of its value. As it progresses from its second year through to its sixth year, it depreciates by 15% to 18% annually. Simply put, an untapped vehicle quickly deteriorates by 60%. By purchasing a used vehicle, you can skip this disappointing period, as well as purchase it for a cheaper price due to depreciation.
Although your used car will still continue to depreciate, the value isn’t too overwhelming, as the original owner has already taken the largest hit.
- Cut Back On Insurance Costs
A vehicle’s age highly influences its insurance costs. As a rule of thumb, secondhand cars have lower insurance premiums than brand-new ones, but take note that this can vary according to your location, insurance company or the vehicle itself. Before purchasing a used car, you should not only research your desired vehicle, but also start asking for insurance quotes from various providers.
To help you understand why brand-new car insurance is more expensive than used car insurance, check out the most influential factors in insurance policy costs.
- Availability of Certified Pre-Owned Options
By understanding a car buyer’s perspective, many people opt for a brand-new purchase, thinking that it’s a lot safer to put your money on a vehicle fresh from certified car manufacturers. However, these risky days are gone thanks to what dealerships now offer in certified pre-owned options (CPO) programs.
CPO programs consist of vehicles leased by the first car buyer then returned after the contract, given that they’ve taken good care of the car. Thanks to CPO programs, you can purchase a used vehicle at a cheaper price in its “good as new” condition.
- Save From Costly Registration Fees
New cars undoubtedly have more expensive registration fees in most states and cities, but it’s still best to confirm this. Typically, the registration fee of a vehicle is based on age and condition. For example, the state of Montana utilizes the vehicle’s age for registration price, while California looks at its value and Illinois have a flat rate. Keep in mind that cheaper registration fees are still favorable for used cars.
Some states will add annual registration taxes based on the car’s age, so you’ll dodge an expensive bullet for that.
- Get More Bang For Your Buck
If you’re someone who is more financially restricted, a secondhand car will be a more practical and noteworthy purchase, looking at the bigger picture. While you may be able to afford a newer model right now, it mightn’t be worth the investment if you can find a reliable used vehicle. If you’ve been saving for a car consistently, a two- to three-year old model will fit into your budget nicely and may leave some extra.
After all, most brand new and old vehicles today are on par in terms of performance and lifespan. Technology is rapidly improving, meaning that even the older models nowadays are much more dependable than those of the previous decade.
- Achieve Peace of Mind With History Reports
Another reason why car buyers may prefer a new model is a lack of accurate information regarding secondhand vehicles. Today, it’s much easier to find out about potential vehicle purchases, thanks to the availability of vehicle history reports.
A vehicle history report contains essential information about the car, including a history of repairs and accidents, as well as past owners. When looking for a pre-owned car, it’s important to perform a thorough inspection.
As products and services in the market get heftier, being a wise consumer is very important. Make sure to consider a used vehicle just as strongly as a new one, as they offer many great benefits at a discounted price. Look into every purchase carefully, and consider bringing along a professional vehicle inspector to make sure the vehicle is in perfect shape.