Around 41 million used vehicles are sold in the United States every year. The used car market is absolutely booming. And for a good reason, too.
Consumers have figured out that owning a pre-owned car is more affordable, is a better investment, and offers much more choice and variety.
If you're considering purchasing a pre-owned vehicle, but you're still sitting on the fence, then keep reading. This guide breaks down all the top advantages of owning a pre-owned vehicle.
Pre-Owned Vehicles Cost Less
One of the most common and appealing benefits of buying a used car is that it's much more affordable than buying a new car. On average, a used car costs half the price of a new one, so your wallet will be smiling when you bring home your 'new' used car.
This also means that you'll have the opportunity to upgrade your car within a few years, having saved thousands of dollars on your used car purchase.
Along with less depreciation, financing, and insurance rates (discussed below), you'll save a lot of dollars and get more bang for your buck.
Low-Interest Financing
If you are very restricted by budget, and you're looking to finance a vehicle, then certified pre-owned vehicles are a no-brainer.
Choosing a certified pre-owned vehicle over an uncertified vehicle is more expensive. However, certified vehicles qualify for lower finance rates. You'll have a lower interest rate, which means a lower monthly payment.
This means that you will save money and get a more desirable vehicle on a tighter budget.
More Variety Available to You
Another one of the top advantages of used cars is that there are plenty of options. If you're purchasing a new car, you have the option of around 350 cars. These options are then greatly cut down when it comes to budget.
But that's not the case on the used-car market. Firstly, you'll have the options of cars that aren't even made anymore. You'll find customized vehicles and vehicles that aren't available to you new because of your budget but that you absolutely can afford pre-owned.
Whatever you're looking for, with a little patience and a lot of digging, you're bound to find it on the pre-owned vehicle market.
Lower Insurance Rate
The next important step is to secure insurance if you get into an accident and your vehicle is damaged when you purchase a vehicle. For new cars, the insurance premiums are usually very high to match the value of the car.
However, if you choose a pre-owned vehicle, you'll benefit from lower monthly premiums.
Better Investment With Less Depreciation
When you buy a new car, it loses 10% of its value the minute you drive it out of the dealership. This depreciation continues over the years that you own it. By the time you sell it as a pre-owned vehicle, it will have lost a considerable amount of its value. Most cars lose 50% of their value within five years.
With pre-owned vehicles, the bulk of depreciation has already occurred. So when you purchase it, and even after owning it for years, the value won't decrease by much. In fact, some pre-owned vehicles actually increase in value!
This means that buying a pre-owned vehicle is a better investment than buying a new vehicle as you won't lose much money over the years.
A Certified Pre-Owned Car Ensures a Bargain
Purchasing a used car can be a stressful and risky decision. You may buy a car that looks great but starts to give problems the minute you've signed the cheque and driven away. You want to know if it has been in accidents if there are salvage records or any other potential risks of buying it.
There are plenty of horror stories about the struggles that come with purchasing a new car, so many people avoid it. However, if you purchase a certified pre-owned vehicle, you get all of the bargains and benefits with much less risk.
The type of certified pre-owned program (CPO) differs from manufacturer to dealer. But you can shop around to ensure you get the best perks and reassurances, such as a full vehicle history and salvage records.
Avoid Hidden and Exaggerated Fees
Buying a new car often comes with a whole bunch of hidden and exaggerated fees that catch you by surprise. From shipping to car registration and 'dealer preparation,' the price tag on your new car is just the starting point.
A used car usually has no hidden fees attached. Additionally, older cars usually cost less to register, too.
Benefit From a Warranty
Many used cars are still under a factory warranty. For those that aren't under factory warranty anymore, the CPO program ensures a rigorous inspection of the car and an extended warranty.
Getting an extended manufacturer warranty on your new car ensures that should anything go wrong, there will be factory-trained technicians to repair it. This takes a lot of the risk and worries out of buying a new car.
Moreover, as you'll be saving so much money buying a pre-owned car, you can spend some of the savings on an even better and longer warranty.
Start Your Pre-Owned Car Search Today
There are so many awesome advantages to buying a pre-owned car, especially if you ensure a full history report and a good warranty. You can save yourself money, buy the car that you've always dreamed of, and rest assured that you've received a good bargain.
Are you ready to start your search for the perfect pre-owned vehicle? EpicVIN is here to help. Check out the pre-owned cars for sale on our site. We will connect you with dealers and give you a detailed vehicle history for the wheels you want.
