Every potential car buyer must answer the same question: should I buy new or buy used? Although there are plenty of benefits and drawbacks of each option, oftentimes, the benefits of buying used is a smart choice, both financially and otherwise. Here are some of the benefits of buying used.
New vehicles can lose up to 40% of their initial value in the first two years alone! This typically means you’ll end up paying for value that no longer exists over time. When you buy a used car, this depreciation process has already occurred. This gives you a better upfront cost for the vehicle.
Since new vehicles have such a steep mark-up price that more desirable vehicles are out of your price range. If you decide to buy used, however, it may place some of these vehicles within your budget and allow you to get your dream car.
Similar Features as Current Model Year
In general, cars from recent model years have the same or similar features as the current model year. Unless the current model year has undergone a significant re-design or is the beginning of a new generation, usually you can find recent-model used vehicles with the modern, advanced features you desire.
Lower Insurance Costs
Used cars are cheaper to insure than new vehicles, which means you’ll save money over time on insurance payments along with saving money on the initial purchase.
Typically, used vehicles come with a warranty when you purchase one from a dealership, ensuring that your investment is covered. In addition, certified pre-owned vehicles come with a warranty directly from the manufacturer after undergoing a thorough inspection, giving you additional peace of mind in your purchase.
When buying used, you’ll have more options than just limiting yourself to the current model year. If you want a discontinued model or feature, buying used will allow you to fulfill these wishes.
If you are in the market for a pre-owned vehicle, stop by Tom Hodges Mitsubishi. We have an impressive inventory that is changing all the time, so we can certainly help you find the perfect vehicle for you.