There has been a debate for decades on whether it is better to buy a used car, or spring for a brand new one straight from the factory. There is no right, or wrong, answer because we all have our own sets of criteria that we go by.
One thing is for sure, though, there are numerous benefits of buying a used car that you can never get with a new version of the same vehicle. Let’s take a deeper look into the benefits of buying a used car. You can make your own decision from there.
- Depreciation: When you are talking about buying a brand-new car, as soon as you drive it off the lot, it will lose value. A substantial amount of value. Every car as it gets older will slowly go down in value until they get to the point of becoming a classic, then some of them will start gaining value again. The important thing to remember is that you can buy a used car that is only a couple of years old, in great shape, for much less than a brand new one would cost you.
- Warranty: One of the biggest draws to buying a new car is the warranty that comes with it. You can get this benefit from buying a used car as well. Some dealerships may even offer you an extra warranty on top of the original because they have checked it, and pre-certified it. Even if not, though, you still get the same factory warranties and pay much less when purchasing reliable used cars.
- Insurance: Much like the depreciation of a car, the insurance rates will vary according to the type of car that you get. Insurance rates for brand-new cars are much higher because the cost of repairing, or replacing, them will cost more. On the other hand, if you go with a used car, the insurance rates will come down. Even if the car is in perfect shape, since it is considered to be a used vehicle, the insurance companies will not nail you with the fees for a new version.
- Hidden Fees: Buying any type of car, new or used, you will have some fees tacked on to the asking price. Buying a used car will come with a set fee that you can find out about upfront, before buying the car. A new vehicle, on the other hand, will have some set fees that are attached, but there will also be added fees for every little change that you made that upgraded it from the stock version.
- Options: When buying a used car, you can hold out and get the same options that you could order from the factory, without having to pay any inflated costs associated with the upgrade. The price of a used car is the price that it is valued at; no more and no less.
- Selection: When buying a new car, you have options that may not be as available on the used version. The benefit of a used car, though, is that you can find ones that have been discontinued for one reason or another. Having a unique car that not many others have in their possession is just as good as having an open selection of colors of the same car that everybody in the neighborhood will be buying.
- Cost: One of the most obvious advantages that you can gain by buying used is the cost of the vehicle. It has been touched on a couple of times before, but a new car loses value as soon as you drive it off the lot. In theory, you could buy a car that is still new for the model year but on a used lot and pay less for it than if you would have purchased it with no previous owners.
- Peace of Mind: When you buy a new car, you would assume that you will get numerous years of use out of it before having to complete any repairs. If you look through a list of recalls throughout the year, you will see that is not always the case. When you buy a used car, you can get one that has already been through the first-year recalls, which in the end gives you a more dependable vehicle.
- Status: Your status in life is one of the biggest goals that people strive for. A newer car means that you are higher up on the ladder of success than is someone driving a 20-year-old car. If you buy a used car that is only a year or two old, you will still be up towards the top of the status list, when it may have been out of your reach if you were planning on buying new.
There are numerous reasons why buying a used car is better for you than buying a new version. The ones above are some of the most common benefits that you can achieve, but there are many more that you could come up with if you sat down and considered them.
We understand that running out and buying the newest model is a rush that many people cannot hold back from, but for most of us, waiting a year or two to buy the car of our dreams is a better decision financially and mechanically.