Q: WHY PURCHASE A PRE-OWNED VEHICLE?
Deciding to purchase a vehicle is a big decision that requires a lot of thought. Specifically, one of the first decisions to make is whether purchasing a new or pre-owned vehicle would be the smart choice. Weighing the pros and cons of a new and pre-owned vehicle may be a little muddy at first but once you factor in what would best benefit you and your family, usually things are a bit easier from there.
Of course, there are positive aspects of purchasing a NEW vehicle but sometimes it may not benefit you as much as purchasing a used car instead.
According to Edmunds and Carfax, a newly purchased vehicle will depreciate anywhere from 8-10% of its value the moment that the new car is driven off the lot. Both research studies state that after only 5 years of having the vehicle, the ‘new’ car will only be valued at 37-40% of its original sticker price. Regardless of the studies with differentiating percentages, one can conclude that the depreciation on a new vehicle is a strong con that could drive you away from purchasing a brand new vehicle.
Due to new vehicles having a high marker value initially, they are more expensive to insure due to the costs of repairs in the event of an accident. Lesser value vehicles mean that the cost of insurance should likely be less. Economically, purchasing a used vehicle could be the best decision based off your financial situation.
As we have stated before, we understand that life happens so having bruised or bad credit should not be the determining factor of purchasing a new vehicle. However, most new car dealerships will allow bruised/bad credit to overshadow the ability to purchase a vehicle and will not them to finance a new car. At all eight of our Neighborhood Autos locations, we offer buy here pay here automotive loans which proved be helpful to those who have bruised or bad credit. We do not want things that have happened in your past to determine your ability to purchase a safe and reliable vehicle for you and your family.
Overall, we hope this helps guide you in determining the first step in purchasing a vehicle. Depending on your financial situation, purchasing a preowned car that is NEW to you could be the more economical decision. If you decided that a preowned vehicle is the right choice for you, remember here at Neighborhood Autos we offer you piece of mind while purchasing a preowned vehicle. Ask us about the Carfax reports that we offer the next time you are in Azle, Bridgeport, Decatur, Denton, Gainesville, Lewisville, Sanger, or Watagua. We want to assure you that you are not purchasing other people’s problems since we make the Carfax reports available on all our inventory.