News cars are awfully appealing, but there are some very good reasons to buy a used car. Whether it be more variety, new warranty programs or the number of years cars are on the road, there’s a lot to like.
Certified pre-owned options: One of the main attractions of buying a new car is the warranty that comes with it, but certified pre-owned vehicles come with warranties, too, even though they’re used. That warranty takes a lot of worry out of buying a used car.
Depreciation: New cars lose a lot of their value early on—as much as 30%or more by the end of the first year—so with a used car, you don’t need to worry about this, which leads us to…
Cars last longer today: Technological improvements are keeping cars on the road longer, making buying a used car less problematic. So why deal with deprecation, especially when the average number of years cars are on the road continues to climb (it was just 8.4 years for cars in 1995, and 11.4 in 2016)?
Insurance costs: Depending on the used car you buy, insurance costs would be lower due to a lower buying cost.
More bang for your buck: You might not have been able to afford the model you crave new, but buying used makes finding your perfect vehicle a real possibility.
Choices, choices, choices: There are a lot of choices in the used market, which makes sense, since you’re dealing with a span of years, and not just one year.
Vehicle history reports: These reports are readily available now, providing a look at any issues a given car would have had in the past. These also provide peace of mind to the car buyer. You can find out who owned the car, whether it was involved in any accidents, get the mileage validated, and more.
Better cars: When you buy new, your budget might be constrained, which means you can’t buy the luxury car you’ve had your eye on or potentially can’t even upgrade to the ideal trim or get the ideal package on the car you can afford. When you buy used, however, since prices are significantly lower, you may be able to afford a luxury vehicle that you otherwise could not or find a car, truck, or SUV with the higher trim and unique packages you’ve had your eye on.
Good tech: Because cars are designed more reliably today—and have been for the past couple decades—you will find awesome infotainment, safety, and efficiency technologies even in used cars. You are most likely to find this advanced tech in certified pre-owned vehicles, given how new they are, so start your search there.
Reviews: Not only do you have access to a used car’s vehicle history report and a thorough review from your trusted mechanic, but you also have access to the expansive internet with years of reviews about each model you are considering. Read up on the cars on your list to see what issues drivers encountered, what reviewers said about the drivability, and if there were major recalls or problems years into ownership that could spell trouble for you. But if the car has received relatively good praise—both in its sale year and in the years that follow—you can purchase with more confidence.
Staying above water: An expression in the industry for owing more on your car loan than the vehicle is actually worth is being “underwater.” You might also hear it referred to as being “upside-down” on the loan. If you are underwater on a loan and the vehicle is stolen or totaled, then you will lose a substantial amount of money. Buying used typically avoids underwater loans.
Here at Tom Hodges Mitsubishi, we are very proud of our used car selection. It’s always changing, so come by any time to test drive what we have on the lot.