Why Buy Used? | Royal Moore Mazda

Why Buy Used? | Royal Moore Mazda

Just as there are plenty of great reasons to buy a new car, the same goes for buying used. In fact, a used vehicle may end up being a better fit for your lifestyle and budget, depending on what you want most out of your next purchase. To make your car-buying decisions a bit easier, here are a few reasons for buying a used vehicle.

Better Prices

According to recent figures from Kelley Blue Book, the average U.S. consumer pays around $40,472 for a new passenger vehicle as of March 2021. Now, compare that to the $25,101 average price paid for a used car roughly around the same period. That alone is the biggest benefit of buying used.

Simply put, buying a used vehicle puts more money in your pocket. Even when comparing a specific brand-new model to one that’s a year older and with a few more miles, you’ll still save thousands of dollars by choosing the older model.

More Variety

Buying used also opens the door to a wider world of choices. Instead of being limited to what’s available brand-new, you can expand your car by options to different model years as well as different makes and models. These expanded choices can benefit you in plenty of unexpected ways. If you’re looking at a specific make and model, for instance, you may find exclusive features that are only available during specific model years.

More Car for Your Money

Buying used also gives you the option to “step up” to a bigger or fancier vehicle for the same price as a new vehicle with fewer features. For example, luxury cars often suffer heavier depreciation than other vehicles, making them a tempting buy for anyone wanting to enjoy an exclusive badge with upscale features without blowing too much dough. If you’re in the market for a family hauler, you can also take this opportunity to super-size your way to a bigger vehicle with more seats and more cargo space.

Lower Registration Fees

Older cars not only cost less to purchase, but they’re also cheaper to register on the road, in many cases. Most states charge registration fees based on the vehicle’s value and age. As a result, older vehicles tend to get a bigger break on registration. Keep in mind that the state of Oregon charges a fixed fee regardless of your vehicle’s value.

Little to No Depreciation Hit

By the time a new car turns three years old, it’s lost more than half of its original value. Even the first few hours of new-car ownership could cost you upwards of 11 percent of its value, according to recent stats. Buying used means letting the first owner take the depreciation hit head-on. Meanwhile, you’ll benefit from a lower asking price and a vehicle that won’t lose so much of its value so soon.

Certified Pre-Owned Benefits

Certified Pre-Owned or CPO programs give you all of the advantages of buying a brand-new car, but at a more reasonable price. CPO vehicles are typically low-mileage cars that are usually less than three years old. Each CPO vehicle is thoroughly vetted in a multipoint inspection for the utmost quality and appearance before being certified by the manufacturer itself, letting you rest easier about your purchase. CPO vehicles also come with a comprehensive warranty and a host of other perks, including roadside assistance at no charge.

Cheaper Insurance

As it turns out, insurance companies consider more than just your driving history or credit score when it comes to determining rates. Your car’s value is also a major factor in setting rates. After all, the more valuable your car, the more the insurance companies must payout if it’s damaged or totaled in a wreck. For cars that are notorious for being expensive to ensure, buying a used example that’s only a few years old can help cut those rates by a significant amount. Simply put, buying used also means you’ll spend less on your auto insurance.

Aftermarket Support

It can take a while for new cars to gain support from the aftermarket world. After a few years, however, those same models often enjoy a wealth of aftermarket options and modifications, thanks in large part to devoted owners and enthusiasts. If you’re the type of person who wants to spice up their ride with a few tweaks here and there, then consider a used car as your canvas.

Sources

https://www.ramseysolutions.com/saving/car-depreciation
https://www.kbb.com/car-news/average-used-car-price-tops-25k-for-first-time/
https://clark.com/cars/average-new-car-price/