Benefits of Buying Used Cars in Guelph
Benefits of Buying Used Cars in Guelph
Posted on June 20, 2023
In the current economic market, new cars have jumped greatly in price, and there is a long waiting list for a new car. As a result, more car buyers are looking at used vehicles, and discovering that there are many reasons why buying a used car is better.
The obvious main advantage is that a used vehicle is far more affordable than buying a new one. With the better sticker price, you may even be able to pay in cash, make a larger down payment, or get a higher-quality vehicle.
However, the financial advantages of buying used cars is not limited to just the lower price and lower monthly payments.
Cheaper to Insure
You are likely to get a better deal from your insurance company, since a major component of car insurance is based on car value. The more valuable your car is, the higher the cost to insure.
Less Depreciation Than New Cars
As soon as you buy a new car, the initial depreciation it faces as soon as you drive it away is significant. Over that first year alone, that new car can lose nearly 30% in value. While used cars do continue to depreciate too, they do so at a much slower rate than a new car does in its first couple of years.
Pay Your Loan Off Faster, Compared to a New Car Loan
There are more options now for a used vehicle loan. Because the price of a used car is less, when you can also get a good loan rate, your loan can be paid off much faster, especially if you take advantage of the lower price to make a larger down payment.
This means that not only are you paying less for the car, but you are paying less on the cost of borrowing to pay for the car. The savings you can achieve with less interest being owed can be as much as a few hundred dollars or even a few thousand dollars.
More History and Reviews
When a new vehicle is released, there is not much information available on it, other than the manufacturer's promotional information. For a used car, you can research information on it easily from several sources, including social media, car forums and other places. You'll be able to find out about common issues and how to fix them, or whether a car is likely to have ongoing significant problems.
Car manufacturers release new car models every year, but these numbers can't compete with the variety of used cars that are available at any time. This added choice of used vehicle models lets you find something that is right for you more easily.
In addition to having greater numbers of models available, with the smaller price of a used car you can access a higher quality, upgraded vehicle that you might not have been able to purchase otherwise. A luxury model that is just a few years old can be an excellent bargain, especially since manufacturers often do not make significant differences from year to year.
Also, while fancy add-ons can greatly increase the price of a new car, and can add to its appeal, these add-ons don't maintain value over time or as soon as it becomes a used car. Some upgrades may hold value better, but many don't impact the value of a second hand car. As a result, used car buyers can benefit from these perks, without paying for them.
Reduced Environmental Impact
Buying a used car is more environmentally friendly, since nearly a quarter of the carbon dioxide produced by a vehicle happens during the initial manufacturing and shipping portion of its lifespan.
You Can Find a Reliable Used Car
Vehicles continue to improve in reliability and quality, so many are able to stay functional and dependable for 200,000 kilometres or more. Since you can research to have a better chance of finding one of these quality cars that have a long life expectancy and perform well into the future, you can find a good used car that is as good as a new vehicle.
Recalls and manufacturer's issues tend to affect new cars, so these are usually sorted out by the time they go on the market as used cars. You are less likely to need to worry about these concerns, and solutions to any known issues have already been solved.
Nowadays, you also don't need to worry about a mysterious past when you are buying a used car. Car buyers can use a car’s vehicle identification number to get a detailed history report.
In addition, certified pre-owned vehicles let you get the cost-effectiveness of a used car but with the boost of confidence in the car's reliability you need.
Considering the advantages of buying used vehicles, choosing second-hand for your next vehicle may be a wise investment. At Marden Motors, we specialize in premium pre-used vehicles that are certified no-accident and highly rated. Our vehicles are re-conditioned far beyond industry standards.