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When buying a used car, it is always in the consumers best interest to assess the different benefits that come with buying a pre-owned vehicle! For instance, buying a used vehicle saves the new owner from taking the biggest hit on that vehicle's depreciation. In other words, if or when the new owner of that vehicle decides to sell or trade that car within the next few years, they will likely be able to get the amount of money back on that vehicle that they paid for it originally, or close to that amount!
Another thing to consider is the amount of money you save when you purchase a used vehicle. The cost of a used vehicle is usually substantially lower than that of a new one! Meaning, it is much easier for you, the consumer, to save up and pay cash for that used vehicle! In this day and age, there are multiple different resources available online for consumers to do their research! Buyers can easily look up any used vehicle and omit the ones with poor history or for instance, a bad CarFax report. Not to mention, especially for you younger drivers, that driving a used vehicle can save the average consumer hundreds of dollars in car insurance annually.
It's also important to point out that those purchasing a brand new vehicle need to understand is that the second they drive off in that new vehicle, the value immediately depreciates! Which most people don't mind knowing if they are the type of consumer that prefers to drive a new vehicle every two or three years. Within two or three years, that car has lost a large majority of they margins it would take the owner to make the money back they spent on it. But, as we previously mentioned, not all consumers mind or even notice losing that money anyway. But for those looking to save money or make a profit on their vehicles further down the line, it is definitely something to consider.
Buyers might also want to consider the manufacturers when it comes to buying a new or used car. It's not uncommon for manufacturers to update or change a vehicle's internal or external design. Meaning problems could run rampant and repairs might get costly for those who purchased that new vehicle. But those who may have purchased a used model with fewer changes might find themselves in the clear and without those issues!
Even buyers looking to purchase a newer-used vehicle can find themselves saving an average of 30% on what that vehicle cost originally, even if it's only a year old! That is why it is so paramount to consider the factor of depreciation and what it could save you on the purchase of your next vehicle! Although it is rare to find a used vehicle that is so new, it is not unheard of! And if you find yourself unable to come by one, look for models 2 to three years old and you could still end the car deal with a similar financial situation.
Opinions differ on what is considered the best approach to buying a used car. Ultimately it boils down to each consumer's individual situation and how they will benefit the most from it. Some drivers may find that it's in their best interest to find a vehicle that is a few years previously owned and drive that vehicle until it couldn't possibly run another mile. On the other hand, some drivers may be better off continually turning in and out of the newer pre-owned vehicles they buy, in order to make a profit on their investments. Either way, it all comes down to what is most beneficial or cost efficient for the consumer involved.
Once again, insurance is always a huge factor to consider when debating whether to buy a new or used car. Despite the obvious fact that a pre-owned vehicle will have less value than a new one, that also means that the cost of that vehicle's insurance will be much less! Again, saving the consumer money in the long run.
Similar to the insurance, owners can also find themselves paying less for registration fees because the vehicle is an older model!
eCommerce has caused an onslaught of changes within the automotive retailing space. The consumer's ability to research and find vehicles as well as reviews on the dealerships they could be doing business with has created a total shift in the way dealerships do business. For instance, the “red carpet” experience is no longer limited to those with higher incomes. With the help of review systems on different channels like Google and Facebook, consumers now expect their buying process and experience to be no different from their neighbor. Whether it’s a used vehicle or a brand new one, dealerships are expected to deliver, almost literally. A majority of the dealerships dominating eCommerce understand this principle and take it seriously. Even creating an almost entirely digital buying experience for their customers online.Not only that, some dealerships are even “hand-delivering” these vehicles to their customer's doorsteps, meaning the red carpet experience that used to only come with buying a luxury vehicle, now is accessible to almost all walks of life that are looking for used cars for sale!
In this day and age buyers and equipped like never before to search for and evaluate their options when it comes to buying a pre-owned vehicle! Not only that, but they are equipped with a website like CarFax or AutoCheck once they have found a vehicle of interest, to make sure that vehicle hasn’t been through any damages that weren’t listed!
With the plethora of buying and screening options there are available for consumers, there really has never been a better time to search for and purchase a used car!