The Benefits of Buying a Used Car
If you're in the market for a car, you’re going to need to make a lot of important decisions. You’ll have to decide on the car make, model, financing terms, and insurance options. But before you get to these decisions, you’ll need to decide if you want a new or used vehicle. Buying a used vehicle is often overlooked by Canadian’s who feel a new car is a better, most reliable choice. Buying a used car actually has several advantages over buying a new one, and in this article, we’ll talk about 7 reasons why you should buy used. We hope this article helps make car buying a little easier.
7 Reasons to Buy Used
1. Buying a used car saves you money
Used cars are significantly cheaper than new cars as used cars have already been through their most significant period of depreciation. This means that you’ll be able to pay off your car loan much faster, saving you money. So if budget is a big concern for you, buying used should be a priority. A used car will not take a depreciation hit the second it’s driven off the car lot. Typically, new vehicles depreciate by up to 30% after only one year of ownership! This isn’t to say a used car doesn’t depreciate over time, but it will depreciate much slower than a new car.
2. More vehicle options when buying used
Every year, car companies introduce new models or release updated versions of older models. Although there are many models to choose from, models are often discontinued or made to be worse as the newer versions are released. So when you buy used, you are not only limited to this year’s line of models, you can choose models from years previous that you know are great vehicles! At Car Loans Canada we have access to over 10,000 used vehicles so we’re sure to get you the car best suited for you.
3. No extra fees when buying used
When you buy a new car, any upgraded features like heated seats, an improved audio system, or upgraded trim level will cost you. The level of customization in a new car is almost endless, but as you customize more and more the price tag goes also goes up. When you buy a used vehicle, you get what the car has and you don’t pay extra for it. You get the car as is, regardless of how customized it was previously made, except the price tag remains the same, pretty great deal right?
4. You can see the long term performance of the car
When a car company comes out with a brand new model of car, nobody can say with confidence that the car is well made and without flaws. Until the car has been on the road for a few years, the long term performance will not be seen. When you buy used, you have the ability to research the specific year of the car you’re looking at and see how other people review its long-term performance.
Also, each car has what’s called a vehicle identification number or VIN. The vehicle identification number provides an in-depth report of that particular vehicle’s history, showing the mileage of that vehicle and if an insurance company has ever declared that vehicle as a total loss. Car Loans Canada offers pre-owned vehicles that have been inspected and tested by certified mechanics to ensure the vehicle meets the manufacturer’s standards.
5. The original warranty may still remain on the car
Having a warranty on a car is always a good idea and can keep your mind at peace in case of any mechanical problems. There are warranties available for used vehicles but if your lucky, you’ll be able to reap the benefits of the original warranty. Many new cars now come with a five-year warranty, so if the used vehicle was bought within that time frame you’ll be able to use it if need be!
6. They are thoroughly inspected and certified
All certified pre-owned vehicles go through a thorough inspection to ensure that the car is in good condition. Plus, by saving the money of buying a used vehicle over a new vehicle you should be able to put the money you saved towards a used car warranty if needed.
7. More environmentally friendly
Believe it or not, buying a used car is actually much more environmentally friendly! Almost a quarter of the carbon dioxide a vehicle produces throughout its lifetime happens within the initial manufacturing and shipping of that vehicle. So when you buy used, you’re actually reducing the carbon dioxide output into the environment!
We hope this article made what many people find a difficult process, a little easier. If you’re considering buying a used car, be sure to check out our rates page to see what our lenders are offering. Once you have an idea of your interest rates, check out our car loan calculator and estimate what your monthly payments will be! Get pre-approved for a vehicle today by completing our application below!