This video was first publish on Car Coach Youtube Chanel
If you are looking for a used car - it's important to know the Pros and Cons of Buying a Used Car. We help you navigate the road of evaluating the pros and cons of purchasing a used car. Let's dive in!
The Advantages (Pros) Of Buying A Used Car
Let’s begin with the positive: Buying a used car means you pay less. But not just on the overall price tag. Used cars cost less because of other facts, things like:
Depreciation Rate: On average, a new car will lose close to 50% of its value within the first three years. To put this in perspective, a car with a $50,000 price tag today will be sold for around $25,000 three years from now.
Insurance Rate: Do you want to pay more for insurance? Then buying new is the way to go. To avoid this, used car insurance rates are typically lower than those for newer cars.
The Options: Why buy a new car with a base package when you could enjoy a slightly older model that comes fully equipped at a fraction of the price? Buying used means you can afford options like climate control, hands-free devices, Bluetooth, and USB docks.
The Disadvantages (Cons) Of Buying A Used Car
We can't hide the fact that there are some negatives (but not many) associated with buying used.
Reliability / Warranty: When you buy a used car, there can be some uncertainty about the vehicle's quality, even with a vehicle history report. Complicating matters even more, many used cars offer little in the way of a warranty. You can avoid this concern by purchasing a Certified Pre-Owned Car.
Interest Rates: Are you taking out a loan? Loans on a new car typically come with lower interest rates when compared to a used car.
The bottom line is that your dollar stretches further when buying used. However, this trade-off can come with some concerns about reliability and safety, depending on the age and the wear on the vehicle prior to it rolling onto the lot.
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