If you’re an individual that’s on the market for a vehicle and considering buying new, you should really consider investing in a slightly older model! Used vehicles, especially those that are only slightly used, offer a ton of great benefits that their newer counterparts do not, especially when it comes to monetary benefits! Don’t believe us? We’ll prove it! Continue reading to see what great benefits you’ll enjoy with a used vehicle!
It’s a pretty common complaint on new car buyers that a vehicle depreciates very quickly when its new – as soon as it leaves the lot in fact. A vehicle will lose up to 11% of its value the money it leaves the lot, and up to another 20% over the course of the first year. That’s almost 30% of its value, gone, within the first year! A $30,000 investment is now only $20,000. Buying a used vehicle, one that’s only a little over a year old, saves you all that value.
As mentioned above, a used vehicle will not have the massive depreciation that a new vehicle suffers in a single year, as it’s already happened. Because of that when you buy a vehicle that’s used, you’re buying one that’s priced much more fairly! You’re buying that $30,000 vehicle at only $20,000-25,000, if buying one that’s barely a year old. And that’s a value that won’t depreciate so quickly, either! You’ll hold on to that investment longer.
If the used vehicle is relatively new, say a year or two, it’ll still have the warranty issued by the manufacturer. Additionally, you’ll be able to create a new warranty, an extended one, that lets you keep your vehicle in road worthy condition longer for just a little more investment. Considering that you’re saving money buying used already, this isn’t too much of an additional cost!
These are just a few of the many benefits to buying used! To learn more about what benefits you’ll get, or to take one of our great used vehicles for a test drive, please contact our agents at K & R Auto today!