Time to replace your car? That means it’s time to decide whether to buy new or used. While there is no correct answer to this age-old question, it helps to know the pros and cons. Take this information into account and consider how it applies to your unique situation.
Here are the pros and cons of buying a used car:
Pros of buying a used car
Lower price – pre-owned vehicles are priced lower than new ones, making them a great opportunity to get a better deal or get into a higher-end vehicle than you may have been able to afford otherwise.
Avoid major depreciation – it’s no secret that new vehicles depreciate quickly. Buying used can help you avoid the ‘right off the lot’ depreciation while still enjoying a reliable ride.
Lower insurance rates – buying used can allow you to pay less to insure the new model of the same vehicle. It can also help you avoid additional fees like freight and (depending where you live) sales tax.
If you want to combine some of the benefits of buying new and used, consider looking for a certified pre-owned (CPO) vehicle. These units are typically only a couple of years old, have lower mileage and come with manufacturer warranties. Learn more about CPO programs and their benefits here.
Cons of buying a used car
Older technology and design – vehicle manufacturers are constantly improving safety options and cool features like surround-sound audio equipment and Wi-Fi. Buying an older model could mean missing out on the latest and greatest features, or new exterior body styling.
Uncertainty around its history – purchasing a vehicle that has had a previous owner raises questions about how it was cared for and whether it sustained any damage. You can rely on a pre-purchase inspection and a CARPROOF Vehicle History Report to give you detailed insight into the vehicle’s past. This will give you a good idea of how well the car’s been cared for, where it’s been driven, if it’s had any damage and whether that damage has been properly repaired.
There are pros and cons to buying a used car – it can save you some money, but it can come with some uncertainty. Fortunately, used car buyers have access to better history and condition information than ever before. If you decide that buying used is the right move for you, make sure to do your research so you can drive away with confidence and peace of mind.