For many, the thought of buying a used car doesn’t cross their mind. They have visions of used car lots offering lemons or Grandpa Bob’s old Plymouth that won’t make it through the year. They believe in the myth that used cars are not as good as new ones. In reality, used cars have a lot to offer drivers—and there are some incredible deals and vehicles available to buyers. Those who have discovered the perks of buying used tend to stick with the habit, and they don’t miss that new car smell. Before you start looking at cars, used or new, here are four reasons a used car is perfect in 2017
A Better Value
Everyone knows that a car depreciates greatly the moment it drives off the lot. In fact, the average car, truck and SUV loses 20 percent of its value in the first year. What’s startling about that is a car that’s only a year old still has a lot of life left in it, and when an owner practices good maintenance, it can still look new after a year. What’s more, a car only holds about half of its value after four years. So why is this important? You have a much greater chance of holding onto value by buying a used car. Simply put, you can often drive and resell a used vehicle with little or no loss of equity. You will also pay less to insure the vehicle, which gives you even more value. But before you head to the nearest used car lot, you also need to understand a few facts:
- A car starts to depreciate at a higher rate again after 6 years, although that’s less true for some of today’s vehicles, which age well and still tend to be dependable and safe.
- You shouldn’t put money into repairs on a used vehicle once the repairs are more than half of the car’s value.
- The ideal target age for a used vehicle to get maximum value is between 3 and 4 years old.
The History is Available
At one time, we may have known a car’s history because we lived in a small town where the neighbors talked about who did what and who crashed what. Today, anyone can pull a vehicle history report, and many used car dealerships offer these reports with the sale of the vehicle. CarFax and other companies have made it easy to look at a number of factors that may influence the quality of your potential used vehicle. They include:
- Number of owners
- Accident reports
- Service records
- Reported miles
- Recall notices
- And more…
The vehicle history can give you a lot of insight, and all you need to look a vehicle up is the VIN (vehicle identification number).
Buying Used is Green
Making and disposing of a vehicle has a pretty big impact on the earth. If you are someone who appreciates sustainability and an eco-conscious mindset, then a used car is a good route to take. A lot of the energy that is used is not in the use of the car itself, but often the amount of emissions it creates to build and ship a new car. So buying used is typically the greenest choice you have.
The Reasons for Buying New Don’t Always Hold Up
When you take a good, hard look at the reasons most people buy new, they don’t always hold up under scrutiny. For example, people say they want the latest technological features. In reality, many used cars—especially those that were made in the past few years—still have the bulk of those features available. The number of technological advances isn’t rapid enough that you’re missing out on anything big. Plus, favorites like navigation and sunroofs have been around for quite a while now.
Another argument new car enthusiasts throw out there is safety. Safety advances are the same as technology, and in general, cars made in the last 10 years are very safe.
The last argument tends to be financing. However, some of those deals may have fine print that has you paying more than you think you are. Even if you are paying 0 down and low interest, you can still save more money by purchasing a used car by avoiding the whole depreciation thing.
There are more reasons than ever to buy a used car in 2017. Before you head off to the new car lot, look around at some used vehicles and see the excellent deals available on the cars, trucks or SUVs you want.
