Skip to content

Pros and Cons of Buying a Used Vehicle

pros-consBuying a used vehicle can at times be a tricky idea. It is often a good alternative when you have limited finances, or you are looking for a vintage car. There are many pros and cons when buying a used vehicle. It depends on your taste and preferences for making such as a purchase. Below are some of the benefits and issues you will face when you decide to buy a second-hand vehicle.

Pros

depreciation-benefitsAn overall lower price. A second-hand car is cheaper than a new vehicle. Essentially, this opportunity can allow you to acquire a car at a reasonable lower price. Moreover, a used vehicle is a better choice, especially for particular models that are durable and have minimal costs for maintenance. You will only be required to do some replacements, and the car is as good as new.

Depreciation benefits

The value of a new car depreciates on both monthly and the mileage covered basis. Amazingly, the highest rate is reported the moment you drive it off the lot. However, for second-hand cars the depreciation rates are minimal and almost negligible, for instance, there is no depreciation hit soon after buying.

Lower costs

In most cases, new cars come with extra charges like taxes and advertising fees which can all add up to an additional expense. However, by transacting with a private party, you avoid some of these costs. These are because the seller will not have had to incur any expenses in advertising the car.

A variety of choice

In case you have been longing for a particular model of car manufactured more than four years ago, chances are you might not get a new one. The availability of used ones gives you an opportunity to choose from a wide variety of cars. It is mostly common in instances when you are dealing with public car dealers. This is often preferable when you are looking for vintage cars which can prove to be a wise investment as their value can increase with time if you maintain the vehicle.

Disadvantages.

Limited choices.

If you are dealing with a private dealer, you might not get the model, color or style you are looking for. You probably will be limited to the choices available in the market, which might force you to shop around for long before you get one of choice.

Hidden defects and costs

lemon-carIn many occasions, second-hand cars do not come with warranties, unlike new vehicles. Instead, you can check if the manufacturer’s warranties are not yet exhausted of which you can extend. You would end up with an old car subject to frequent breakdowns. Thereby, it is recommended that you seek the services of a mechanic to inspect the vehicle thoroughly before the purchase. Upgrading the car through a whole body service, including paint might bring in unexpected extra costs.

Higher interest rates

It might cost you higher interest rates when financing used cars through lenders. Unlike for new motor vehicles, the interest rates charged might be as low as almost zero percent which will often be an advantage.

Ultimately, depending on the options you have at hand, including the finances and luck, used vehicles have many benefits. The final decision to buy such as vehicle rests with you. However, taking a deeper consideration of the facts covered above, you stand a high chance of making the best decision to strike a good deal.