Can you guess how many used cars are being bought annually by consumers like you? If your guess is 400,000, you’re not even in the ballpark. If your guess is 4 million, you can enter the stadium, but you aren’t quite ready to have a seat yet. According to Automotive News, approximately 40 million pre-owned vehicles are sold each year. Why? Most people believe a lower sticker price is the best reason to buy a used car. Yes, that’s a valid factor. However, there are several other significant benefits. Let’s take a look at some additional reasons to buy a used car versus a new one.
You may be thinking this benefit is a given. But how? In as little as three years, a new vehicle valued at $30,000 can depreciate to $15,000. A used car has already undergone this process, so its value won’t drop as much. That’s your ace in the hole. Your dollars will take you much farther at a used car dealership.
Were you hoping for a model with lots of bells and whistles? You can obtain that in a pre-owned vehicle due to depreciation without shelling out more money. If you’re seeking a car for short-term use, a reputable used car dealer can give you an idea of your desired model’s future value.
The typical American driver racks up almost 13,500 miles in a year. Our commutes are longer, and our extracurricular activities are more plentiful than ever before. Therefore, we view high mileage differently. Ten years ago, an automobile with 100,000 miles on its odometer was considered subpar. Today, that same car is prime for another 100,000 miles on the road.
Various technological advancements have increased the lifespan of vehicles. Sensors and computerized components alert drivers to maintenance issues before they arise. Oil refinement and synthetic introduction have extended the time frame for oil changes. Instead of changing the oil at 3,000-mile intervals, you can get it done at 5,000- or 10,000-mile intervals. Current pre-owned vehicles are in much better shape overall than previous ones.
Aside from the amount you pay a dealer for a used vehicle, your other costs will be much lower also. Taxes, insurance, and registration fees are far less expensive for pre-owned vehicles. Insurance premiums are based on the value of your car, so the depreciation benefit comes into play here as well. Registration and sales taxes are generally mandated by your state of residence. With the exception of a few states, your car’s age determines the cost of registration. Consult your local Department of Motor Vehicles for an accurate estimate of annual taxes.
Used car dealerships offer reasonably priced, diversified selections that new car lots cannot. Small pickup trucks, hatchbacks, vehicles that are no longer manufactured and more are waiting for buyers like you to take them home. Affordable financing is available to assist you with your specific needs.
If you would like to learn more about pricing and financing options for pre-owned vehicles, please contact us today at Auto Market of Florida.