There’s nothing quite like sliding behind the wheel of a brand new car and taking in that one-of-a-kind smell. But is that smell worth the price of a vehicle that has no previous owner? Before you turn your head away from any vehicle that isn’t brand new, learn why buying a used or certified pre-owned vehicle could be one of the best investments you make.
One of the first things to know about brand-new cars is that they lose about 11% of their value before you even drive one home for the first time. After that initial percent, new cars lose 20% of their value every year. Alternatively, pre-owned cars have a much lower depreciation percentage.
You Get More Features for a Lower Price
Say that you want a car with leather seats, a bangin’ stereo system, lots of cutting edge technology, and dual temperature controls. Expect to pay top dollar for those top-of-the-line accessories in a car that’s never had an owner. On the other hand, you can save several thousands of dollars by choosing that same make and model vehicle that’s had a previous owner. With some certified pre-owned vehicles, if you didn’t look at the odometer and no one told you the car has a few thousand miles on it, you may never know it had a previous owner. This makes getting the car you want easier and more affordable.
You Won’t Freak Out As Much Over Minor Damage
Driving a brand-new car is like having a baby for the first time: You worry about every scratch and bump. That can be quite anxiety-inducing and tiresome each time you park your car in a public parking lot or on the street. On the other hand, buying a used car that already has a few dings means you won’t go over your vehicle with a magnifying glass every time you come back from the grocery store. Do yourself a favor and sidestep the major meltdown that comes with scratching up your new car for the first time.
Your Budget Will Likely Be Happier
While you may not have a problem taking care of the monthly payments that come with financing a new car, those payments could be smaller if you buy a quality used or certified pre-owned vehicle. That means you won’t have as much debt to pay off, and you can free up some of your income that you can save, invest, or put towards other financial goals. You may not mind buying a used car if it means you get to retire faster or bulk up your savings more.
You Have More Information About Problem Areas
You don’t want to be the first person to learn of a major mechanical or maintenance issue with a brand-new vehicle, especially if learning about that issue involves an accident. There’s more maintenance and recall information available on cars that are a few years old, giving you insight on the type of problems you may encounter and can go ahead and prepare yourself for. You don’t want to go through the headache of owning a car that’s been hit with a recall, as the situation can leave you without a reliable means of transportation. Even if you don’t have to pay for the repairs yourself, it can still be quite an inconvenience.
Car Insurance Is Cheaper
Just as you love the look and feel of a new vehicle fresh off the showroom floor, insurance companies love the look and feel of the money they’re making off your insurance premiums. It’s more expensive to repair damage to a newer vehicle than it is an older make and model, which means it’s more expensive to insure a newer vehicle. Save money on premiums by opting for a pre-owned vehicle.
Check out your options for pre-owned vehicles before exploring the new car selection. You may enjoy a used vehicle more than you think.