5 Factors to Consider When Purchasing a Used Vehicle
For over 30 years Hulett Chevrolet Buick GMC has been providing the best used Buick, Chevy, and GMC models to the Lake of the Ozarks area. We work hard to ensure that we have only the best quality pre-owned vehicles on our lot.
One of the obvious benefits to buying a used vehicle is the cost, but keep in mind the lower price tag can mean HIGHER risk. The key is to find the right balance of value and risk. Here are a few things you should consider before deciding whether a new or a used vehicle is right for you.
- Reliability - Reliability is a huge concern for buyers and used cars are proving to be more reliable than ever before. Since 2005, used vehicles are reporting fewer problems and are easily surpassing 100,000 miles while many reach 200,000 without any major repairs.
- Warranties/Repairs - Used vehicles are more likely to need repairs, while new cars typically have very few problems within the first three years. New cars have warranties that cover most problems in the first few years. Used vehicles are usually do not have a warranty or are close to the end of their warranty. This means repairs are usually out of pocket expenses.
- Depreciation - We have all heard that the depreciation begins as soon as you leave the parking lot. There is a RAPID depreciation that takes place over the first few years of a cars life span. Generally 47 percent of their value depreciates in the first 3 years, while only 18 percent over the following 3 years.
- Insurance - A used car will have a lower replacement value, therefore, insurance rates will typically be cheaper on a used vehicle.
- Safety - New cars will usually be equipped with the latest safety features available on the market, however, that does not mean that used cars are unsafe. Check with your pre-owned vehicle dealer to see which safety features are available on the used vehicle you are considering.
Comments
Post a Comment