02-24-21

Pros and Cons of Purchasing a Used Vehicle

 

Pros and Cons of Purchasing a Used Vehicle

Mass transportation, especially in the United States, is being largely avoided by people for fear of the coronavirus. Due to this, there has been a major spurt in the purchase of used cars in a market which is organized. Consumers have become increasingly conscious about making new car purchases but are clearly making a beeline for the old ones. In such a situation, it would be immensely helpful to know about the advantages and disadvantages of buying used vehicles.

Advantages:

  1. Getting a Better Car at a Lower Cost: Large sedans, for example, would be many times costlier in the used market than in the new market. Those looking to upgrade from smaller cars under budget constraints can certainly look at the used segment.
  2. Ideal for a New Driver: Someone who has just learnt driving does not have to worry too much about the car getting banged a few times. The losses would be higher if it were a new car.
  3. Availability will Remain High: Over the course of history, it has been observed that the used car market has been less vulnerable to global shocks than the new car market.
  4. Younger Cars Mean More Life: Trends have already indicated that more pre-certified old cars and a higher off-lease supply has led to buyers looking for cars up to 3 years old, or even less.
  5. Rich Mix of Pickups and SUVs Leading to More Purchases: Many consumers are choosing mid-size or large SUVs and pickup trucks, causing a rise in new car and a fall in used car prices.
  6. Availability of Financing Options: Most customers are making use of credit to buy used vehicles, due to which many options are available. The purchases of protection products such as extended warranties have also gone up over the years.
  7. Lower Insurance Premiums: Since the car has already spent a few years with one or more owners, one would have to pay a lower insurance premium on it.

Disadvantages:

  1. Maintenance Expenses: The operative condition of a used car will never be quite as good as a new vehicle. One may have to encounter breakdowns in a vehicle that has already been used by someone else. That is why judgment before purchase is very important.
  2. Unable to Meet Expectations: At times people can have unrealistic expectations from vehicles which have been in the market since a while. For instance, expecting a Chevrolet Silverado to deliver a gas mileage in the 30’s is a little too much.
  3. Budget Going Out of Gear: For a new car, dealers can give a fairly good idea of how much to expect to pay in terms of maintenance every year. However, based on the condition of a used vehicle, its expenses may vary. Not all individuals are prepared for the same.
  4. Stigma of a Used Car: Some people in one’s friend circle might regard buying a used car as purchasing someone else’s problems.
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