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Monday, December 6, 2021

Should You Buy a Used Car?

Buying a vehicle means answering a series of questions. One of the first decisions you’ll have to make during the car-buying process is whether to go for a new or pre-owned vehicle. The answer to this question depends on many factors — including your budget and how long you plan to drive the car.

Choosing a used car over a new one will bring about plenty of potential upsides as well as some challenges, too. Here are the main considerations to keep in mind when you’re debating whether or not to buy a used car.

Advantages of Buying a Used Car

First, let’s take a closer look at why someone would want to consider buying a used car from the best car dealership service company.

You avoid the initial depreciation.

It’s a well-known secret in the auto world that any new vehicle’s value steeply declines the minute you drive it off the dealership lot. This is not an exaggeration, as it turns out. The amount of depreciation varies a bit by model but can easily exceed 10 percent.

This is why one expert at Edmunds recommends buyers consider trying to find a used vehicle between one and four years old if they want to avoid that initial plunge in value but still have plenty of life left in the vehicle.

Insurance premiums may be cheaper.

Although the exact amount you’ll pay for insurance coverage varies depending on factors like model and location, used vehicles are often less costly to insure than new ones. Furthermore, you may not be obligated by the dealership to carry as much coverage on a used vehicle as you would on a new one.

Used models are fully researched, rated, and reviewed.

There tends to be a wealth of information out there about how older model vehicles function on the road. You can probably find plenty of honest reviews from drivers who have firsthand experience with the model — all valuable intel in deciding which model might be ideal for you.

The best-used car websites often contain expert opinions and reviews from other drivers to help you learn what to expect from certain pre-owned models.

Disadvantages of Buying a Used Car

We’ve covered the favorable aspects of choosing a used vehicle, but now it’s time to take an honest look at the possible disadvantages of going this route.

Used cars may not fall under warranty.

Older cars may have limited time left on their original warranties, or the warranty may have already expired altogether. This means used car drivers will not always enjoy full protection on vehicle parts like the powertrain. If a major system fails, drivers of used cars may find themselves responsible for paying for repairs and maintenance.

Used cars may lack the latest tech.

If you’re a fiend for new tech, safety, and design features, you may feel underwhelmed by what most used cars can offer — seeing as they are typically a few model years behind the latest and greatest, yet most expensive, offerings.

However, it can also be possible to get a lightly pre-owned vehicle that is only a year or two old, enabling you to get the best of both worlds in terms of features and price.

Ultimately, your budget and your priorities will determine the answer to, “Should you buy a used car?” Compared to buying a brand-new vehicle, buying a pre-owned car is definitely the economical choice — allowing drivers to secure a set of wheels without having to put down as large of a down payment or deal with severe depreciation. Doing your research is key to make sure you find the right used car for your lifestyle.

 

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Josie Patra
Josie Patra is a veteran writer with 21 years of experience. She comes with multiple degrees in literature, computer applications, multimedia design, and management. She delves into a plethora of niches and offers expert guidance on finances, stock market, budgeting, marketing strategies, and such other domains. Josie has also authored books on management, productivity, and digital marketing strategies.

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Business Upside eMagazine
Business Upside eMagazine
Business Upside eMagazine