7 UNDENIABLY-ATTRACTIVE BENEFITS OF BUYING A USED VEHICLE
As the second-largest purchase most people make in their lifetimes, buying a vehicle is a big deal. Because of this, it’s imperative to do your research and go into the transaction with a clear goal in mind. Even after you do your research, however, you may still be on the fence about whether to purchase a new or used vehicle.
Fortunately, you’re not alone. The experts at Shelor Motor Sales can help. Our experienced sales professionals can conduct an in-depth needs analysis to guide you to the most suitable solution. And in many instances, the benefits of buying a used car are simply too great to ignore. Let’s take a closer look at some of the key benefits of purchasing a used car, truck, or SUV from Shelor Motor Sales.
Kick New Car Depreciation to the Curb
Let’s start this list off with the big one: new car depreciation sucks. Every car loses value with each mile you drive and each month you own it. However, the biggest drop in value happens when you drive a brand-spanking-new vehicle off the lot and continues throughout the first few years.
According to CARFAX, new cars can lose a sobering 10% of their value during the first month when you drive it off the lot. And the value of a new vehicle continues to drop. In fact, a new vehicle can drop by over 20% after one year of ownership.
This means your shiny new $40,000 truck would almost certainly be worth $32,000 by the end of year one. You can expect the vehicle to depreciate at about 10% annually over the next four years. However, when you purchase a used vehicle, the bulk of its depreciation will have already occurred with the first sap owner
Save Money with High-Quality Used Vehicles
In addition to avoiding new car depreciation, used cars are generally cheaper, which means you’ll save money. According to Kelley Blue Book, Americans spent over $33,500 on average on a new vehicle. In contrast, the average used vehicle costs $20,000 according to J.D. Power. While new cars have their benefits, today’s high-quality used vehicle has severely closed the gap. In other words, the highly-coveted “new-car smell” is a very expensive air freshener.
Drive a Nicer, Better-Equipped Vehicle
Shopping for a used vehicle can be much more fun and exciting than budgeting for a new one. Due to new car depreciation, your hard-earned dollar will take you a lot farther in the market for used cars than it would in a new car. For example, your new car budget may only allow you to shop for an entry-level new Toyota Corolla. However, this same budget in the used car market could open the door to a larger and most stylish Toyota Camry Sport! In other words, you can get more bang for your buck with a used vehicle.
Used Cars Can Help You Avoid Various Fees
While a new car deal may look enticing, several new vehicles are loaded with crazy, ambiguous fees. For instance, it’s very common for new cars to have destination fees, shipping charges, and any other fee that may have been added on at the port. Some new vehicles even include hidden advertising fees that can total $1,000. On the other hand, used cars typically have no hidden fees. It’s worth noting that “doc fee” and/or “dealer fee” are pretty standard.
Get Lower Insurance Rates
Did you know the value of your car is the key factor in determining how much you’ll pay for insurance? And it makes perfect sense; the more expensive your car is, the more money it will take to repair it if it’s damaged in an accident. So it should come as no surprise that used cars are cheaper to insure than a new car of the exact model.
Learn Where the Vehicle Has Been
Traditionally purchasing a used vehicle has been filled with uncertainty and left buyers with an array of unanswered questions, such as:
1. Did the previous owner take care of the vehicle?
2. Was the vehicle wrecked?
3. How many owners did the vehicle have?
4. Was the vehicle used as a rental, personal vehicle, or fleet vehicle?
5. And several others
Today, you can confidently answer all of these questions and more with access to vehicle history reports. The emergence of CarFax, AutoCheck, and similar programs offer used car buyers a superior peace of mind by providing in-depth, detailed knowledge. And most of these programs offer some iteration of a buyback program — like the CarFax Buyback Guarantee— if substantial information wasn’t included in the reports or misreported.
Versatile Warranty Solutions
Most car buyers are surprised to learn that many used vehicles will still have a portion of the original manufacturer’s warranty. Even if it doesn’t, the experts at Shelor Motor Sales have access to a range of aftermarket warranty programs. We will tailor a program based on your unique driving habits and needs. Looking for coverage for up to 100,000 miles? No problem! Simply tell us your needs, and we’ll create the most suitable extended warranty solution.
Contact Shelor Motor Sales for the Best Used Vehicles for Sale
While purchasing a used vehicle has clear benefits, it’s important to understand not all used car dealerships are the same! And Shelor Motor Sales is the best-used car dealership in the area. We’ve proudly amassed a generous selection of the best, highest-quality pre-owned cars, trucks, and SUVs. All of our vehicles are handsomely-equipped and competitively priced to meet your needs and exceed your expectations. Ready to find your dream vehicle?
Don’t hesitate to reach out to the team at Shelor Motor Sales!