Pros and Cons of Buying Used Cars
Buying a used car instead of a new one can save you thousands of dollars, but it’s not always the best decision. Learn more about the pros and cons of used cars in tucson so you can make an informed decision.
Why buy used?
The prices are generally lower than new cars because they have already depreciated in value. In addition, buying used cars lets you skip the wait as inventory turns over quickly because people are turning to newer models every year or two. Plus, if your credit is less-than-stellar, financing rates for used vehicles are often better than for new ones.
Why buy new?
New cars have warranties, which typically last three years or longer, and they come with a full tank of gas. New cars also tend to be more reliable than used ones. In addition, new cars hold their value better so you’ll likely see a slight increase in value within the first year or two of ownership and you’ll likely sell it for more than what you paid.
Advantages of buying used vehicles
(1) Lower cost: The prices of used vehicles are generally lower because they have already depreciated in value. In addition, buying used cars lets you skip the wait as inventory turns over quickly because people are turning to newer models every year or two.
(2) Favorable financing: If your credit is less-than-stellar, financing rates for used vehicles are often better than for new ones.
(3) Guaranteed title: The sale of used vehicles must be processed through a licensed dealership and the sale price must be reflected on the title. If the seller fails to disclose any problems with the vehicle, you can turn him into the proper authorities.
Disadvantages of buying used vehicles
(1) Shorter warranties: Most new cars come with a warranty that lasts at least three years or longer and includes free maintenance and roadside assistance throughout that period. Warranties for used cars usually last only one year or less and may cost extra to extend.
(2) Uncertain safety: While most used vehicles are safe to drive, problems may arise when an older vehicle’s history is unknown. You can verify a car’s history using the National Motor Vehicle Title Information System (NMVTIS).
(3) Excessive wear and tear: Because of their age, older vehicles are more likely to have excessive wear and tear, which can lead to higher maintenance costs.
(4) Safety recalls: If you fail to get repairs done on recalled vehicles, you could be liable if the problem affects your car’s safety.