Why Buy Used
If your trusty sedan or pickup truck is about to bite the dust and its time to get a replacement, you may be trying to decide on a new or used model. You might be hesitant to consider a used vehicle, you could be surprised at the benefits of choosing a pre-owned model over brand new.
Less Depreciation = Less Debt
One of the primary reasons car buyers choose used over new is because of the depreciation. Drive your new car off the lot, and it has already lost value. Many models lose up to 30 percent of value by the end of the first year. However, you still owe on that original value if you have a loan. Used vehicles are priced at their current value, which takes off that depreciation. You end up owing less and being able to get a cheaper loan.
Get More Features
Because of depreciation, you may only be able to afford the lowest trim of your preferred model. When you buy used, you can get a higher trim or even a more expensive model for a similar price. You’ll enjoy those heated and ventilated seats or that amazing sound system while still keeping your payments within your budget.
Less Worry with CPO
Certified pre-owned vehicles, or CPO, don’t carry the stigma of most used models. In the past, people worried about getting “lemons” when they bought used vehicles. Today, dealerships sell CPO vehicles, which go through a rigorous testing phase and come with warranties for the peace of mind of buyers. Each dealership and manufacturer will have unique warranties, so make sure you know what you’re getting before you buy.