7 Awesome Advantages of Buying a Used Car
Annual car sales are at an all-time high.
Indeed, around 2 million of them are sold in Canada every year.
As you can tell, Canadians love their cars! You can guarantee that huge numbers of people around the country will be on the lookout for a new set of wheels right now.
Are you one of them? If so, then buying a second-hand vehicle is definitely worth considering. After all, there are many advantages of buying a used car versus brand new ones.
Interested in learning more about them? Let us help!
Read on for 7 essential benefits of used cars that everyone should know about.
1. They’re More Affordable
Money is likely to be a factor for most people. The chances are high that if you’re buying a vehicle, then its cost will play a role in your decision. We live in difficult financial times. For most people, the lower the price of the car, the better!
When budgeting considerations are in play, used cars make the most sense. The price of a new vehicle is always exponentially higher than second-hand options. As such, buying used is a sure-fire way of getting a high-quality car for a fraction of the cost.
Of course, this is the case with almost anything. You wouldn’t expect to pay full price for a second-hand set of clothes! The same goes for cars. That said, the price difference between old and new vehicles is more pronounced than for other items.
Why? One word: depreciation. More on this next.
2. They Hold Their Value
Anyone who has bought a new car in the past will be familiar with depreciation.
They’ll know the horror of seeing the value of their vehicle plummet! Purchasing a new car is simply an awful investment in terms of finances.
But how bad could it really be?! Well, the value of a new vehicle can drop by as much as 30% in the first year of ownership. Imagine spending $50,000 on a beautiful, shiny new set of wheels. For one reason or another, you need to sell it 12 months later.
You could only expect to ask $35,000 for it. That’s right, in just one year you’d have lost $15,000!
This just isn’t the case for second-hand cars. Thankfully, the rate of depreciation slows after the first 12 months. The outcome? Older cars hold their value. Overall, you buy a cheaper vehicle upfront and get a higher proportion of your money back if/when you come to sell it.
3. Get More for Your Money
Here’s another financial incentive to take the second-hand car route:
You get more bang for your buck! You can buy more car for your money. This is where depreciation plays into the hands of used-car buyers. What’s bad news for the first owner can be great for you.
After all, they’ve taken the major financial hit, and you bag a bargain. That brand new car may have been out of your price range. However, the heavily discounted 2-year-old version of the same vehicle may be totally affordable.
Even better, the car itself is likely to be as good as new.
4. You Save on Insurance
Insurance costs can often seem excessive too.
For young drivers, with less experience, prices can be even higher. Throw a new car into the mix, and you can expect to pay significant sums of money.
By contrast, used cars tend to come with lower insurance premiums. It makes sense. As we’ve seen, they’re not worth as much from the outset. That means insurance companies won’t be forced to pay out as much in case of an accident.
5. There’s Lots of Variety
You know you need a car.
But you don’t know what you want.
Having lots of options to choose from is likely to help! Nicely, there are a huge array of second-hand vehicles out there. Head down to the local used car dealership to have a look around.
The number of different vehicles available for sale will be enormous. Compare that to buying new cars. A relatively limited selection of them is released each year, meaning less choice for you. Like a bit of variety? Then second-hand cars trump new ones every time.
Too much choice?! This used car buying guide should help.
6. Cars Age Well These Days
Cars are staying on the road for far longer these days.
Thanks to their higher-quality design, manufacturing, and safety standards, the average age of roadworthy vehicles are rising by the year.
That’s obviously good news for anyone considering a second-hand car. It means there’s far less risk of buying something that’ll fall apart in record time. You buy a quality car for a lower cost, which you can expect to drive for years to come.
7. Reliable, Guaranteed Purchase
Here’s another reason you can bank on the quality of second-hand cars.
In the past, there was no way of knowing if your car would survive for long. They’re almost always guaranteed these days. Certified pre-owned programs have been created to ensure buyers don’t get taken for a ride by unscrupulous sellers.
Of course, the quality and level of coverage can vary by program. Overall, though, they provide some valuable peace of mind when buying used.
Final Thoughts on the Advantages of Buying a Used Car
Millions of cars trade hands around Canada every year.
It’s easy to be tempted by brand new, shiny options. After all, being the first owner of a vehicle carries a certain status. It’s straight off the production line and waiting for its first driver!
As we’ve seen, though, you pay a heavy price (very literally) for the luxury.
Pre-owned cars are, arguably, a far more sensible decision. From financial savings and getting more bang for your buck, to having a greater selection to choose from, there’s a lot going for them. Hopefully, this post has highlighted some of the primary advantages of buying a used car.
Have we convinced you to go the second-hand route? Interested in what you can get for your money? Click here to check out all of our second-hand cars available for sale.