Why Buying A Used Car Can Be A Wise Decision?

May 21, 2024

Buying a car would often get you to think about a brand-new model, especially if it’s your first time buying one.

No one can blame you, especially if you see friends and other people you know riding their brand-new cars. Would you go with the trend of buying new cars, or would you be brave to go a different route and be practical?

Oftentimes, many first-time car buyers put the option of buying a used car at the lower part of their checklists. But with thorough research and recommendations from other used car buyers, they might be convinced why buying a used car is a wise decision. Buckle up, as we take you for a test drive passing through the reasons why a used car is an excellent choice for first-time car buyers.

First Stop: Cost Savings

We know. It’s obvious to say that a pre-owned or used car is cheaper than a new car. But there’s an economic reason why this is so. Aside from accumulating mileage and utilizing a part of a car’s operational life, used cars have undergone significant depreciation. Yes, they were once new cars, but after a year of leaving the dealership, they lost their original value by up to 30%. As a second or subsequent owner, you get to buy a used car at a lower price, and this deal gets even sweeter with generally lower sales tax, further reducing the overall cost.

Second Stop: Lower Depreciation Rates

This second reason supports why buying a used car is a smart move. Since the big chunk of depreciation got taken out, a used car will undergo a slower rate of depreciation.  This means that used car owners can take advantage of a better resale value than buying a new car. So if you decide to upgrade to a different car in the future, you won’t have much financial trouble.

Third Stop: Wider Selection

A misconception that’s probably stopping first-time buyers from considering used cars is the limited selection of vehicles and models. It’s actually the opposite, as the used car market offers a vast array of options, from different makes and models to varying years and mileage. Furthermore, Certified Pre-Owned (CPO) programs add another layer of assurance, as used vehicles under these programs have been inspected, refurbished, and certified by the manufacturer. So if you’re looking for a particular make and model, you’ll find something that isn’t too far off from your specifications

Fourth Stop: Well-Preserved Features and Technologies

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Another misconception that prevents first-time buyers from looking at used cars is they think these cars lack the features and technologies used in new cars. With thorough research, they’ll know that used car features are that much different from new cars. From safety features like anti-lock brakes and airbags to convenience technologies like GPS navigation and Bluetooth connectivity, these are well-preserved in used cars and are comparable to the ones in new cars. New cars may have improved or higher versions of these features, but their functions are basically the same. All these point out that buying a used car doesn’t mean you have to compromise on modern amenities.

Fifth Stop: Lower Insurance Premiums

Another reason related to cost savings is getting lower insurance premiums. Why, you ask? Well, that’s because the age of a vehicle plays a significant role in determining insurance premiums. Used cars are less expensive to repair than new cars, and their parts are affordable to replace. Thus, insurance companies often charge lower premiums for pre-owned cars. This converts to lower monthly insurance payments — an attractive option for first-time buyers.

Before Getting the Keys: Things to Consider Before Buying a Used Car

Setting a Budget and Sticking to It

Establish a budget range before you start browsing. This will set the upper and lower limits of your projected purchase. Determine how much you can afford to spend on a car without compromising your financial stability. Remember to factor in insurance, taxes, registration fees, and potential maintenance costs. 

Researching the Vehicle’s History and Its Current Market Value

With a budget in mind, you’re giving your research a clear direction by narrowing your options within your budget range. Utilize online tools to research the history of the vehicle, including any past accidents, ownership records, and service history. Look through websites to gain updated information about your prospective car’s market value.

Inspecting the Car Thoroughly or Hiring a Mechanic for a Pre-Purchase Inspection

A thorough inspection is essential to ensure you’re making a sound investment. If you’re not confident in your ability to assess the car’s condition, consider hiring a professional mechanic to conduct a pre-purchase inspection. This can reveal hidden issues that might not be immediately apparent. Lastly, don’t forget to test drive. Get a feel of the car’s internal features, handling, and road performance. With all these accounted for, you can confidently move on to deciding if the car is worth buying.

Buying a used car can be a wise decision for first-time car buyers. The cost savings, lower depreciation rates, wider selection, and availability of modern features make used cars an attractive option. However, it’s essential to make an informed decision by setting a budget, researching the vehicle’s history, conducting thorough inspections, and exploring financing options.

We hope this guide has provided valuable insights and encourages you to change your view about used cars. Knowledge is power, and make a well-informed decision from what you have learned here.

Photo credit: 1) HWM. 2-3) Source.

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