There are people in the industry who only believe in purchasing the newest model of a vehicle for multiple reasons such as low mileage, latest fuel efficiency technology, that infamous new car smell, and because they like the shine of the vehicle. However, there are a lot of perks that come with purchasing a used car, truck, or SUV. Check out the information we at Vann York Honda have below to find out more.
It is no secret that used cars cost less than new cars, depending on make and model of course. Purchasing a 2014 Honda Civic is going to cost significantly more than purchasing a 2006 Honda Civic. This is a huge benefit to buying a used car. This creates lower payments each month and a lower down payment.
Over the past few years, and maybe even a little more than that, the used car market has changed drastically. This is because of how well vehicles are being made these days. Lots of vehicles are now able to reach heights of 250-300 thousand miles before dying. That was unheard of in decades past. “In an analysis of Consumer Reports’ annual subscriber surveys over the past few years we found that five-year-old vehicles had one-third fewer problems than the fiver-year-old vehicles we looked at in 2007,” said Consumer Reports. “Years ago rust and exhaust-system problems were common, but that’s no longer the case, and major engine and transmission problems have also decreased, making late-model used vehicles far less of a risk.” So, now when you buy a used car from 3-5 years ago, there is often a chance that it will last you longer than you think.
Over time cars lose values because of depreciation. The more a car is driven, worked on, and used, the lower the value it gets in resale. New cars lose roughly 40 percent of their value within the first year, a lot of that having to do with rolling off the lot. With a used car that depreciation does not happen so quickly. The initial drive off the lot does not affect a used car’s value because it is already used. It also alleviates some of the owner’s mental depreciation, according to Car and Driver. “No need to worry about the first parking-lot ding or rock chip in the paint because chances are the car’s previous owner or owners took care of those for you,” they say.
Insurance rates are typically lower for used cars than they are for new cars, specifically of the same model. This adds to the cost aspect that we mentioned earlier. You can save more money each month with lower insurance rates.
Hopefully that has helped to explain a lot of the benefits of buying a used vehicle. At Vann York Honda we are happy to help customers find the right used vehicle for them. Stop by our dealership to go for a test drive in one of our many used cars. Get a quick quote now before you even come into one of our locations near Kernersville!