Advantages and disadvantages of buying a used car
Buying a car is often an exciting adventure, particularly for new drivers.
You can spend hours looking for just the right red sports car for your road-tripping adventures, or the right-sized hatchback for driving around town.
There are, however, certain aspects to consider when looking at pre-owned cars, which are outlined below.
A used car is cost-effective
Buying a used car will usually cost you significantly less than buying a new car. This is due to depreciation that happens to vehicles over the years. Unless you are dealing with high-end or vintage used cars, you will not be paying anywhere near the original price of the car, which is ideal for those with tighter budgets.
While the car will still depreciate, it will happen at a lower rate than if you bought a new car. Be sure to check the market value of the used car before purchase to ascertain whether the asking price is too high or too low when taking into account the depreciation. By the fifth year of ownership, a car will have lost almost 65% of its value, which brings down the price to an affordable level.
A used car will be thoroughly inspected and certified
Dealerships that sell used cars will almost always ensure that the cars have been thoroughly inspected, cleaned and are certified as roadworthy vehicles. This reduces the costs that fall to you as the buyer, as the paperwork has already been completed before purchase.
Many certified pre-owned vehicles will come with an extended warranty, special financing and other benefits, whereas a new car will only offer the assurance that they are new. During the inspections of a used car, dealers will repair and replace items that need it and will make sure the car is clean and spotless both inside and out.
There are more warranty options
Some used cars still carry part of their warranty, especially the “new” used cars which are not older than five years. This is highly beneficial to those looking to buy a used car, as you will not have to spend money on issues which are covered by this warranty.
Other used cars offer the option of creating a new warranty. You could choose an extended manufacturer warranty on a used car, which can provide factory trained technicians to repair your car with high-quality parts and efficient service. Often, new cars will have to adhere to their warranties and do not offer much leeway.
You may not be aware of all the problems
By law, the seller is required to tell the buyer or dealership about all of the problems in the car, and all repairs that have taken place to the body and engine. While the larger problems may have been declared, you may experience other issues along the way, such as a sticking clutch or worn tyres.
This is one of the major disadvantages of buying a used car, but it is something which dealers try to remedy by fixing what they can and making sure the car runs smoothly. Extra repairs can cause expenses that you may not have the budget for, especially if the car is an older model or has been in an accident prior to being sold.
You may have to compromise
If you have your heart set on a sporty little number, you may have to compromise on colour in order to find a car with the mileage and features that you want. The selection of used cars at a dealership may not include the model you are looking for, so you may have to choose your second option instead.
Although compromising on car colour or model happens, many second-hand car dealerships are able to source your preferred vehicle, allowing you to buy the car of your dreams. Be warned, however, that this process can involve extra costs and may take some time. If you are in urgent need of a car, it is best to compromise so you are not left without a vehicle for too long.
It may have outdated parts or systems
Used cars may not have the updated systems or parts of their modern counterparts, which makes repairs down the road difficult and expensive. This is especially true of outdated luxury cars, because while they may have modcons to make driving easier, fixing an outdated system in a luxury vehicle can become highly costly.
There are some repair stores or workshops that can source parts for your car, but this may end up costing you a pretty penny. Before you purchase your chosen used car, be sure to check that all systems and parts are up-to-date or can be repaired if necessary. Having this knowledge before you run into trouble can help you plan for the cost of repairs and maintenance.
Final thoughts
A used car is often thought of as a drain on one’s bank account, due to the supposed repairs that occur. However, it can be a sound investment for first-time car owners and those on a tighter budget. If you go into the purchase well-informed about possible issues, you will be well on your way to speeding off into the sunset in a sporty little number of your own.