Why Buy Used?

March 16th, 2022 by

When you come to Community Motors to make a purchase, you may be dead set on owning a new model. So, you may be surprised at our extensive inventory of used vehicles. Buying a pre-owned car gives you many advantages as listed below.

Saving Money

The biggest advantage of buying a used car is the money you save because of the lower price. Kelley Blue Book puts the average price of a pre-owned vehicle at $28,205 as of January 2022. Compare this to the price of the average new car at $47,077 in December of 2021. You can lower the price even further by putting up a down payment and/or trading in your current car.

If you finance your purchase, you gain cheaper monthly installments, less total interest paid, and a quicker pay-off period. The lower price also translates to less sales tax, lower license and registration fees, and cheaper insurance premiums because the vehicle will be less expensive to repair.

Another advantage of the lower price is that you may be able to buy a more expensive model or a higher trim level. The differences between the latest version and a previous one may be minor, so you can still get the most advanced tech at a lower price.

Minimal Depreciation

After you buy a new car and drive it off our lot, its value may go down by as much as 20 percent due to depreciation. After a year, your vehicle goes down by an additional 10 percent for a total of 30 percent depreciation.

This loss in value typically poses no problems if you drive your vehicle for many years. However, if you need to sell after about a year or two, or your car is totaled in an accident, the compensation you receive will not be enough to cover what you still owe. You now suffer negative equity or have an underwater loan. You have to make up for the missing value out of your own pocket.

You will have minimal to no depreciation with a used car because the previous owner has already taken the hit for the value loss. Your loan will not go underwater because it will nearly equal the remaining value of your vehicle.

Taking It Home

With the current shortage of cars affecting the market, a particular new car may only be available via special order. This process will vary by manufacturer and model but could take as much as several months for a popular vehicle.

You don’t get much choice when you decide to buy a used car: what you see is what you get. However, you can drive your selection off the lot as soon as we finish all the paperwork.

The model in trim that you want may not be available as a new car because the manufacturer has discontinued it. You may only be able to own it as a used car. For example, if you wanted a Chevrolet Impala, the latest year for that model would be 2020, which is only available as a used purchase.

Greater Reliability

One of the main disadvantages of buying a preowned car used to be that you had no idea how the previous owner treated it. It may not have had regularly scheduled maintenance and may be hiding serious problems that do not reveal themselves until weeks after you make your purchase.

That is no longer the case when you buy a model from us. For pre-owned vehicles, we’re able to provide a history report, such as CARFAX, which details the number of owners, the service history, and whether the vehicle has been involved in any accidents.

If the vehicle that you want is recent enough, it may still be under the manufacturer’s warranty. Chevys have a Bumper-to-Bumper Limited Warranty lasting three years or 36,000 miles. If the purchase you want falls within that period, you will still be covered.

If reliability is still a concern, you can confine your shopping to Certified Pre-Owned vehicles. To receive that designation, the model must be under six years old, have less than 75,000 miles, and have a clean title.

Such cars come with an Extended New Car Bumper-to-Bumper Limited Warranty that lasts 12 months or 12,000 miles. They also include a six-year or 100,000-mile Extended Warranty, Roadside Assistance, and Courtesy Transportation.

Posted in Used