Buying a new car is fine and dandy if you have loads of money to throw away. However, most people have a budget, and want to get as many features as they can for their hard earned dollar. It makes sense, therefore, that the pros of buying a used car outweigh the cons. Let’s take a look at the common-sense reasons to opt for a used vehicle.
1. Less Stress
According to Kelley Blue Book (KBB) in January 2023, the average cost of a new car was $49,388 compared to an average used car cost of $26,068. That’s a $23,320 difference! You couldn’t ask for a greater reason for less stress and less amounts in repayments. Not only that, you don’t have to buy through a dealer with a used car, no pushy salespeople offering you higher interest repayments or using their aggressive sales talk to get you to add additional extras you really can’t afford.
Whatever your budget, there is a fantastic range of vehicles available – not just the budget-conscious models either, but the more luxurious and expensive models as well. In fact, the more luxurious models are the ones that depreciate the most from their ‘new’ sticker price. This variety also includes many additional extras such as sunroofs, upgraded infotainment, and sports kits which would cost a lot more on new cars, but are included in the price with used vehicles. I mean, would you rather buy the new base-model 1.2 liter Mitsubishi Mirage with no luxurious extras before on-road costs for $17,500? Or for $2,000 less, a 1.6 liter, turbo-powered 2016 Hyundai Veloster with a 7-speed dual clutch, moonroof, leather heated seats, and sporty alloy wheels that has 42,000 km’s on the speedometer for $15,500. I know which one I’d choose.
3. Car Reviews
New cars are reviewed when they are fresh out of the factory and haven’t had any driving history yet. Used cars have had time on the road and have had all their faults addressed and revealed through dealerships recalls and most importantly you – the public who leave valuable feedback on owning them. This is an invaluable resource when it comes to deciding which cars are totally worth buying and which cars are best left on the side of the road.
4. Additional Extras
When a customer buys a new car, they are sat down in front of an ‘After-Market Salesperson’ who tries to sell them additional items such as protective film or metallic paint, color-coded side mirrors and dashboard accents, or rear spoilers to name a few. These items add thousands of dollars to the ‘new-car price’ yet add nothing in actual value when it comes time to sell it on as a second-hand car. These perks come for free!
5. Insurance Costs
It makes sense that a cheaper car will cost less to insure, and with insurance companies already charging high prices, it makes buying a used car the most cost-effective option. By avoiding the ‘pimped-up’ cars that have tons of after-market accessories, have been lowered, or had different sized wheels fitted, you will save even more.
6. Price & Depreciation
There is no comparison when it comes to buying used over new cars – used cars easily win. With new cars, you are paying showroom prices just for the car and any packages or extras you may be tempted by, then add destination fees, on-road costs and new-car insurance fees. You will probably have a waiting period for your car as well. Whereas, there is plenty of competition within the used car market if you scroll through the adverts on a certain make and model. By setting a few parameters such as mileage, year range, and budget, you can hone down the ones that are most appealing to you and follow up on those ones to get the best bargain. And remember, if you are buying through a private seller, you can usually negotiate a lower price that both of you are happy with – and you can drive the car away the day you buy it.
7. Car Communities
Whether it’s an old-school car club or a social media fan base, there are car groups whose members know how to fix anything and everything to do with a particular make and/or model, how to source parts, organize events, and share photos of owners used cars amongst their peers. It can also be a way of discovering new friends with similar interests, or even find ‘the one’!
8. Advice & Recommendations
There is a whole lot of accumulated data online at your fingertips, such as reading through the many used car reviews on individual car models, as well as advice on buying and selling here at https://rearviewreview.com/, as well as guidelines to pricing from https://www.cargurus.com/Cars/car-valuation and https://www.kbb.com/, although the best way to gauge pricing is to look at what’s out there on the used car marketplace at this particular point in time and compare all the models in terms of condition, mileage, and overall value. Join car groups through social media to find out what other owners experience has been of the make and models you are interested in, as their first-hand knowledge should be invaluable when it comes time to buy. Talk to your local mechanic to find out what he or she would recommend, or ask if they have experience or would even work on a particular model you are interested in. Some mechanics won’t touch European cars, others won’t touch electric cars. https://www.autocheck.com/ and https://www.carfax.com/ will provide you with vehicle history reports including the number of previous owners, mileage validation, any previous damage/written off status, and previous registration status (whether it was once a lease, fleet, or taxi car for example).
In the end, you can opt for what’s coming off the new car conveyor belt, or go for something a little bit older with plenty of optional extras for a lot less money. It’s a no-brainer really.