There are almost 300 million registered vehicles in the United States. If you’re car shopping for a new ride yourself right now, odds are you’re trying to decide between a new car versus a used car.
Well, after reading this article, you’ll have your answer to that question! We’re going to break down the pros and cons of buying a used car, so you can have a good understanding of what the risks and rewards are.
So, keep reading if you want to know more about the dangers of buying a used car, as well as why it’s a worthy option that you should consider seriously.
Pro: Lower Sticker Prices
Perhaps the biggest benefit of buying a used car has to do with lower sticker prices. Simply put, when you buy a used car, you’re going to pay a lot less for it than you would for a new car, no matter how used that car is.
This is appealing for people who are looking to get the most out of their car-buying budget. So, if you want to get the biggest bang for your buck, without having a huge monthly car payment, a used car may be the best option for you.
Pro: Cheaper Loan Amounts
Because those sticker prices are so much lower for used cars, any car loan that you may have to take out would be lower. Again, that’s ideal for people who aren’t looking to add a huge car payment to their list of monthly expenses.
Of course, for many used cars on the market, you won’t even need to take a loan to purchase them. But if you want to get something that requires a loan, you’ll be happy to know that you can do so for a cheaper price.
Pro: Faster Loan Payoff Times
To piggyback off of that last point, it’s important to note that, because used car loans tend to be for less money, they’re that much easier to pay off. That means that you can get a quality car, and then pay off the loan for that car, much faster if you go the used car route.
That’s appealing to many people, especially those that don’t want to have to deal with a huge car payment for 3 or more years.
Pro: Better Options Quality-Wise
Depending on what your car budget looks like, you could end up with a better vehicle quality-wise if you go the used route.
For example, let’s say that you have $20,000 to spend on a new vehicle. You could get a really quality used car, that is only a few years old, for that price tag.
On the other hand, if you use that money to get to a brand new car, your options are limited to only a few budget-friendly options. Those new cars in that price range most likely won’t match up with used cars with a comparable sticker price, either, which is worth noting.
Con: Reliability Issues
Let’s be honest. When you’re buying a used car, you never truly know what you’re getting until you’ve had the car for a few months. But before that, there’s always a chance that your car could give you issues that you don’t expect (or want) it to.
The good news? You can do things prior to purchasing a used car, like driving it on the interstate or getting it inspected by a professional, to avoid this issue completely.
With that being said, it’s always a possibility when going the used route, which can be a big concern for many potential buyers.
Con: Lack of Warranties
Another notable downside to purchasing used cars has to do with a lack of warranties. Because not only are used cars more likely to have issues, but they usually don’t come with any warranty to cover those issues, either.
Of course, you are better protected when you purchase from a dealership instead of a private seller. And there are lemon laws in place to protect used car buyers.
So, if you have any lemon law questions, be sure to do some research prior to making a purchase. That way you can ensure that your used car purchase will be covered in your state.
Con: Limited Make and Model Choices
When you’re buying a used car, you’re often limited to what the dealership has or what a private seller has listed. Sure, you can always do tons of research online to locate the make and model of a used car that you want.
But that can take a great deal of time, which isn’t ideal if you need to purchase a vehicle ASAP.
Con: Interior and Exterior Damage
It’s important to note that, when you buy a used car, you’re buying a car that is just that: used. That means that there’s a good chance that both the interior and exterior of the vehicle have been damaged, even on a used car that is only a year or two old.
Of course, when you’re buying a new car, you’re getting a car that hasn’t been scuffed or scratched yet. But if you don’t mind a few scratches, you can put this issue away knowing that it’s the reason that a used car is so much more affordable than a new one.
Breaking Down the Pros and Cons of Buying a Used Car
As you can see, both the pros and cons of buying a used car are numerous. But now that you have a clear understanding of both the pros and cons of going the used car route, you can make the best decision for you and your situation.
Looking for more car-buying tips and tricks? Check back with our blog often!