From clear financial incentives to increased reliability and better buying tools, there has never been a better time to consider buying a used car or truck. Not sold? Here are three reasons to buy used for your next vehicle.
Save Yourself Money
It’s no secret that buying a vehicle used instead of new will save you money, but just how much money can you save? Statistics from Kelly Blue Book show that in 2015 Americans spent an average of $33,500 on new vehicles versus just over $20,000 on used. That’s an approximate $13,500 in savings.
With buying new, there is also the depreciation factor. As soon as you drive a new car off the lot, its price drops by several thousand dollars. According to statistics from Consumer Reports, a new car purchased in today’s market will depreciate to just 54 percent of its original price tag after just three years on the road. With used vehicles, such depreciation is a rarity, making trade-ins and sales back to the dealership more economically viable.
Get A Reliable (And Better) Vehicle
Going the used route can free up resources and allow you to buy a better and more reliable vehicle. The rationale is simple: when you save by buying your car used, you can put that extra money towards a better make or model. If you do your homework, the cost should be about even – and in the long run, the investment will likely fall in your favor. By choosing a better-made model, your used vehicle will likely outlive the new, less reliable alternative. Plus, with the lifespan of today’s cars at an all-time high, even vehicles with several years on the road can be a sound investment. According to a 2015 survey by IHS Automotive, the average age of cars on US roads has reached 11.5 years, with estimates projecting a continued increase in lifespan. For used car buyers, this is good news. The used vehicle is no longer a temporary fix, but a reliable alternative to buying new.
Vehicle History Reports and CPO Programs: The Future of Used Car Buying
Today’s certified pre-owned (CPO) programs further guarantee that when you buy used, you get a reliable car in great condition. Since a growing number of new car drivers today choose to lease their cars rather than buy them, dealerships nationwide have substantial inventories of CPO trade-ins to buy. New car leases typically involve 3-year contracts with restrictions based on condition and mileage, which mean when they trade in their vehicles they are still in excellent condition.
Whether you are buying a CPO model or a car from the regular used car dealership, the prevalence of vehicle history reports through online services makes it easier than ever to find a reliable used vehicle. Enter the automobile’s Vehicle Identification Number (VIN) and gather valuable information about its history and registration. A dealership will be happy to assist you with this process. With today’s tools, you will be able to find a high-quality used vehicle faster than ever.