When purchasing a new vehicle there is a big decision to be made on whether to buy new or used. Used vehicles are generally less expensive and have many car-buying myths associated with them that we will debunk in this article:
Used cars are mostly junk
This is a common misconception that has resulted in many people avoiding the used car market. But you have to consider that any vehicle, new or used, is only worth whatever someone is willing to pay for it. There are a lot of high-quality pre-owned vehicles out there; the trick is knowing where to look for them and how much they should cost. For example, you can find a high-quality used Honda Accord for as low as $15,000 or an equally good one for as much as $30,000.
Most people assume that the larger the purchase price of a vehicle, the better and more reliable it must be. In reality, most expensive vehicles are financed and will have spent a lot of time sitting on a dealer's lot. The longer a vehicle sits, the more likely it is to encounter problems and the less value it has.
There are many reliable vehicles that can be found for $15,000 or under with low mileage, such as Toyota Corolla Verso, Honda Civic, Ford Focus and Nissan Sentra. These vehicles are likely to have fewer problems, a lower total cost of ownership and they will last as long or longer than more expensive options such as the Mercedes-Benz C Class, BMW 3 Series and Hyundai Sonata. All things considered, you may be surprised at what a pre-owned vehicle can offer you.
You'll pay more than it's worth
It is true that the price of a used vehicle will drop immediately upon it going off the lot but this does not mean you'll end up paying more than it's worth. It also doesn't mean that you can't negotiate the asking price when purchasing at a dealership.
If you want to buy privately, by using sites such as Facebook Marketplace and Gumtree, you can usually find vehicles very close to book value.
Sure, there are some bad apples in the bunch but that's true for new cars too. The difference is that with a used car you can get an idea of its history before you buy it whereas, with a new car, there are no records of previous ownerships.
You have to pay cash
Many people assume that if you don't have a large down payment and your credit isn't stellar, then buying used will be impossible. In reality, the only thing standing in your way is your willingness to put in some hard work.
You can obtain a used car loan easily these days with an online comparison platform showing you multiple lenders to get you the best rate possible before you start shopping which means you'll stand a much better chance of getting your dream car!
Used cars aren't safe
This statement couldn't be further from the truth. In fact, it is quite possible to find a late model used vehicle that is just as safe or safer than a new car and for less money!
As you can see, buying used does not need to be difficult or scary but it will require some additional research done on your part before you buy.
Used cars are a great way to save money and keep cash in your pocket. But they can also be equally as reliable and safe as new vehicles if you know what to look for. Just remember that not all used vehicles are created equal so research the vehicle carefully before buying.