There are a few obvious benefits that come from buying a used truck: there’s the lower price tag and insurance rate, just to name a few. But what other advantages are you missing out on by buying a new vehicle? Here are three you may not have considered:
1. Certification Programs
Most manufacturers have implemented certified pre-owned programs for their used vehicles. While the price tag on a CPO vehicle may be higher than the typical used vehicle, there are a variety of benefits that make up the cost, including:
• Warranty. A CPO warranty will typically extend past original factory warranty—meaning that you can take advantage of features like road-side assistance.
• Value. To receive certification, a vehicle must undergo cosmetic and mechanical inspection. So when you purchase a CPO vehicle, you know you’re getting something valuable. What’s more, in most cases, these vehicles have low-mileage and no history of major damage.
All in all, taking advantage of the certification trend can make your used car purchase a successful experience.
2. Avoiding Depreciation
When you buy a new vehicle, a steep decline in value happens almost immediately. In fact, some models lose as much as 40% of their value within the first year. Fortunately, buying used can help you avoid that level of depreciation. If you’re interested in learning how much a vehicle will be worth in the future, check out some used-car value guides to give yourself an idea.
3. Less Money Spent on Sales Tax and Registration Fees
When you buy used, you’ll obviously be looking at vehicles with a lower price tag. But did you know that you can also save on sales tax and registration fees? It’s true! Many states require sales tax on new car truck purchases, but not on used. And annual registration fees are dependent on the vehicle’s age and value. If the vehicle you purchase is more than five years old, you can end up saving thousands of dollars!
By making a smart purchase, you can take advantage of these benefits and more. As you shop around, be sure to test drive your options and check for problems like trouble shifting gears, oil or coolant leaks, etc. Buying used comes with its own set of hazards, so take the time to inspect a vehicle before making a purchase. By doing so, you’ll be able to see firsthand why buying used is a better alternative to buying new.