When it comes to shopping pre-owned, it’s normal for car buyers to be a little hesitant. After all, not only is it more enticing to purchase a brand-new vehicle, but fears associated with reliability, cleanliness, up-to-date features, and potential issues down the line are still major deterrents. However, here at Mike’s Car Store, we’re changing the narrative surrounding used vehicles and showing why it doesn’t have to be a gamble. In fact, we can help you find a wide range of premium quality used vehicles of all makes and models that won’t break the bank. Here are just some of the reasons you should consider shopping used for your next vehicle.
Likely the biggest reason buyers are attracted to used vehicles is the price point. On average, used car prices are almost 50% lower than new cars. This not only allows you to pay lower upfront costs, but it also means you will be able to pay off the vehicle a lot faster, saving you from financing fees.
While vehicle depreciation is an evitable part of vehicle ownership, used cars offer much lower depreciation than new ones. New cars typically depreciate about 20 percent just from being driven off the lot. And most cars will lose another 10 percent in value during the first year. Because a used vehicle is likely to have already experienced the bulk of its depreciation, by the time it's in your hands, the depreciation rate is much slower, which means you’ll have a more stable loan-to-value ratio.
Insurance costs vary based on your age, driving history, credit score, mileage and location, as well as the value of the car. Because a used car has less value than a newer version, the cost of insurance will be much less. It should be noted, however, that auto insurance rates are not always consistent, so be sure to do your research and comparisons.
Deciding to buy pre-owned opens up the narrow options that only buying brand-new allows. For example, if you have your sights set on a luxury vehicle, you may not be able to afford this year’s model. However, if you decide to shop used, you'll more easily find one that is two or three years older that could better fit your budget. And with vehicles being made to last these days, an older model will be just as dependable and include all the modern features you’ll find in the current one.
In the market for a used vehicle that won’t break your budget? Here at Mike’s Car Store, we offer a wide variety of gently used, high-quality vehicles. As our inventory of used cars, vans, trucks, and SUVs is growing every day, we’re confident you’ll find the perfect vehicle that suits your needs and stays within your budget! Give us a call or stop by anytime to set up a test drive with any of our high-quality, gently used vehicles today!