The moment has finally come to bid your old, trusty steed a hearty farewell and find him a proper replacement. What an exciting time! After all, the very prospect of having a newer, safer, and more reliable vehicle is reason enough to get you revved up.
However, it’s also a major turning point, which often leaves prospective car buyers facing an age-old dilemma: “Should I buy a brand-new vehicle, or go for a pre-owned one?” This, of course, comes as no surprise, seeing how this one decision can help shape a significant part of your future.
While the allure of modern features and the latest technology in new vehicles is undeniable, there are numerous pros of buying a used car that make them a compelling option, worthy of your consideration.
Today, we’ll explore what are the advantages of used car and why they’re not only viable, but smarter alternatives to new vehicles, ultimately helping you make an informed decision that’ll have a positive impact on your quality of life.
What is good about buying a used car?
Yeah yeah, the same old story, new’s new, old’s old. However, in the world of automobiles, a used car can be just as dependable as a new one while still providing a whole host of other advantages you might not have even considered. Let’s go ahead and dive right in.
If there’s one benefit of buying a used car, it’s the price. According to the US Bureau of Labor Statistics (BLS), since 2020, the prices of new vehicles have increased by approximately 20%, while the prices of pre-owned vehicles have increased by roughly 30%.
Now, this may seem like the benefits of buying a used car are null and void – until you consider an actual price. Today, a new car will leave you lighter for $48,000, on average (based on the official statistics).
Pre-owned vehicles, on the other hand, average at around $27,500. That’s close to half the price of a new car (45.7% if we were to split hairs). If this still seems like it’s too much, here’s the real kicker: you can bargain for a used car!
This means that you can drive this price even lower, ending up with a vehicle that’s reliable and in excellent condition, for a fraction of the price of a new one, provided that you’re willing to negotiate and find a reputable used car dealership.
Wealth of choice
Another big pro of buying a used car, directly derived from the previous point, is that you’ll have more options to choose from. In today’s economy, an average consumer looking to buy a new vehicle will be severely constrained by their budget.
Naturally, a used car buyer’s finances will still impose some limitations, but not nearly as much as in the previous case. This means you’ll have a wider selection regarding the make, model, and additional features, giving you enough flexibility to choose a vehicle that will suit your needs, preferences, and style.
Reduced depreciation rate
There’s a saying “Nothing is less valuable than a car you just bought”. This adage rings true for brand-new, straight-off-assembly-line vehicles, which typically lose the majority of their value (~50%) within the first few years of purchase.
However, when it comes to used cars, the situation is the exact opposite. Since they already went through this initial depreciation phase, the value loss of pre-owned vehicles is generally much slower, making them a safer investment in the long run.
Lower insurance cost
Throughout the US, insurance costs are typically tied to the value of the vehicle. Seeing how used cars have a much lower value than new ones, it’s easy to conclude that insurance premiums will be lower, too, resulting in significant savings over the lifetime of a vehicle.
Lower registration fees
Tying into the previous point, many US regions calculate registration fees based on the current market value of the vehicle. However, Texas is a bit different. Here, registration fees are tied to the purchase price. This effectively translates into two massive pros of buying a used car:
- The less money you pay for a car, the lower your registration fees will be;
- Lower fees will add up to significant savings for the entire period the vehicle is in your possession.
What is one of the benefits of buying a used car that you’ll never get when purchasing a new one? Well, ok, the title gave it away, but it’s definitely the fact that they’re tried and true. The best thing about it is that this info is easily accessible.
Today, there’s a wealth of online resources, including the likes of review sites, VIN checkups, and even web pages dedicated to specific vehicle makes and models. What this allows you to access:
- The vehicle’s maintenance history and accident reports;
- Experience-based knowledge about the car’s reliability;
- Professional evaluations and long-term assessments of the vehicle’s performance.
With the unbridled insight these resources provide you with, you’ll have every base necessary to make an informed decision.
Avoiding initial quality issues
As opposed to the previous point, new models often experience quality issues that only become apparent after the vehicle has been in use for some time. A major advantage used cars bring to the table is not having to deal with these nuisances.
Typically, models that have been on the market for a while underwent several revisions and upgrades, based on real-world live-user feedback. As a general rule, this makes them more reliable straight off the bat, giving you an additional layer of security in decision-making.
Should I buy a new or used car?
To put it briefly and directly – you should buy a used car. Yes, it’s not new, but it’s quite a lot cheaper, there’s a lot more variety to choose from, and you’ll receive quite a lot of other benefits to boot.
However, in order to ensure you’re buying a quality used vehicle and not a clunker on its last legs, you need to make sure you know what you’re doing. That means finding the right, professional dealers you can trust and count on, as well as being familiar with the red flags of poor used cars. This is where we come in.
Partner with B.Y.O.T. and reap all the benefits of buying a used car!
We’re not just a dealership or a salvage yard – we’re your dependable partners in finding the vehicle for you. Our experienced professionals will guide you through our array of used cars, listening to your needs and pointing you in the right direction.
We’ve got nothing to hide, all our rides are inspected and in good working order, allowing you to drive them off our lot, even with a bit of wheelspin if you’d like. It’s this transparency and honesty that’s made us the preferred used car dealership in Waco. Stop by and see what’s what, you won’t be disappointed.