Is It a Good Idea to Purchase a Used Vehicle?

Is Buying a Used Car a Good Idea?

Buying a used car can be an effective way to acquire reliable transportation at an affordable cost. In many cases, used cars come with whatever portion of the manufacturer warranty remains when they are purchased. A dealer may also offer its own warranty or guarantee to help you get the most for your money. Here are a few reasons buying a used car might be a good idea.

Used Cars Aren’t Necessarily Old Cars 

The difference between a new car and a used car is how it is titled. Technically, a car is considered used after it is first driven off the dealer lot by its first owner, which means you can acquire a vehicle that is only weeks or months old on the day you buy it. If you do decide to buy a used car, make sure to ask for a car history report to ensure damage or a defect wasn’t the reason it was returned to a dealer. You’ll also want to get a used car inspection.

Used Cars Almost Always Cost Less 

When a car leaves the dealer lot for the first time, it can lose up to 20 percent of its value. Therefore, you can almost always get a used car for less than what you would pay for a brand new one. This is generally true even if the vehicle was made during the current model year. Having the chance to save thousands of dollars on a vehicle with its original warranty can make buying a used car the smart choice compared to buying new.

Buying Used Can Be Better Than Leasing 

As the cost of buying new cars continues to increase, some have chosen to lease new cars instead of buying either new or used vehicles. However, leasing can be problematic if you drive a lot or use your vehicle to haul instruments, sporting equipment, or other large objects. Typically, leased vehicles can be driven 10,000 miles a year, and leasing companies often charge up to 25 cents per mile once the mileage limit is surpassed. Buying a used car gives you the freedom to use the vehicle as you see fit without the need to pay the full retail price.

Lower Prices Require Borrowing Less Money 

One of the benefits of paying less for a used car is that you don’t have to borrow as much to finance the purchase. You can potentially pay off the loan in three years as opposed to five or seven years, which means less interest paid to a lender. If you have questionable credit, it may be easier to get a loan for a less expensive vehicle. Repaying a car loan on time can help you rebuild your credit without putting too much of a burden on your finances.

When you’ve found the perfect used vehicle to purchase, get in touch with Lemon Squad to schedule an auto inspection. We’ll find out if anything is wrong with the car that might make you decide against buying it, or ensure it’s in good shape so you can purchase it with peace of mind. Call 1-888-231-7965 today to schedule an appointment.