Advantages of Buying a Pre-Owned Car
When it’s time for drivers to purchase their next vehicle, many struggle to decide if they should purchase a new model or a pre-owned one. While both options come with their own set of advantages and disadvantages, there are many benefits to buying a used car that many drivers don’t consider. Below, we’ve highlighted some of the most advantages of buying a pre-owned car.
Used Vehicles Cost Less
Many vehicle shoppers choose to purchase pre-owned vehicles because of their lower price compared to new models. Drivers who are working with a limited budget or simply can’t justify spending extra for a new model will be much happier with a used vehicle. Buying used will significantly reduce the driver’s financing fees, allowing them to pay off their vehicle at a much faster rate than if they purchased a new vehicle.
Pre-Owned Vehicles Depreciate Slower
On the subject of finance, it’s also important to note that drivers who purchase a pre-owned vehicle won’t have to worry as much about value depreciation. The majority of vehicles lose about 10% of their value as soon as they’re purchased and driven off the lot. After one year, the average vehicle is worth 20% less than what it was purchased for. After five years, most vehicles will have lost 60% of their initial value. Pre-owned models depreciate at a much slower rate, meaning drivers will be able to trade them in or sell them for an amount closer to the price they paid themselves.
The Pre-Owned Market Offers Greater Choices
Drivers who are shopping for a pre-owned vehicle are likely to have a much easier time finding a model that meets their preferences than those who are shopping for a new vehicle. The used vehicle market is significantly larger than the new vehicle market, and offers a greater variety of models for drivers to choose from. While the availability of specific years, makes, and models may vary by area and market conditions, vehicle shoppers will find a greater selection of vehicles in the used market.
Vehicle shoppers in the market for a pre-owned car in or around Sudbury, Ontario can find a wide assortment of vehicles to choose from at Auto Depot Sudbury. Using our online inventory tool, drivers can easily browse our selection from the comfort of their own home. Have any questions or inquiries for the Auto Depot Sudbury team? Get in contact with us by calling (705) 673 – 6079 or by sending us a message online.