It is tough to make a decision whether to buy a new or pre-owned vehicle. New vehicles come with latest style, low interest rates, exciting tech features but when it comes to the budget it may not be the friendliest choice for you. Discussed below is an outline of some information about used cars that might be of help when you want to purchase a pre-owned vehicle.
Pre-owned cars are less expensive. When a new car is taken out of the shop, its value definitely drops. On average the value of the car would be 54% of the original purchase price. That is annoying. Thus buying a new car would definitely cost you more as compared to buying a pre-owned model. In addition to this, you will end up paying less on taxes and the insurance too. It’s however important to consider factors such as mileage and the remaining warranty since it will influence the maintenance budget.
Secondly comes in the financing rates and terms. There are very attractive financing deals for new cars and with longer terms. You should not forget to do the math regardless. This gap has been bridged due to the availability of certified pre-owned vehicles companies. These companies offer lower rates and additional warranty as well as extensive car inspections. This explains why the benefit of purchasing a new model has continually faded since there exist special and lucrative financing deals for used cars.
The history report of the cars is another factor. You may hesitate to buy a used car since you don’t know where it has been or other security reasons. Do not be in worry however since there is a way to rack the history report of the car you are interested in by using reliable tools like CarProof. Thus you are able to get a clear insight into what you are realy getting into. Even though history reports may not have every bit of information, you will get the essentials to settle your doubts. Such information includes, the number of previous owners, damage history details, registration, mileage, distance and maintenance records and so on.
Reliability is another concern. Sometimes you think it may be risky buying a used car due to reliability concerns. It is quite settling to know that research has shown that your average car being driven out there is over a decade old, and this number will go up because companies keep on enhancing their models. Modern cars, SUVs, and trucks have a longer lifespan and that’s an advantage for you if you are looking to buy a used car.
Sure thing that the prospect of buying a new car that hasn’t been used before is great but it’s also true that pre-owned vehicles offer a better value.