With the industry operating as it does today, tips for purchasing used cars could be a helpful guide for prospective owners. These tips highlight some advantages and disadvantages.
Purchasing vehicles that had previous owners offer some benefits to prospective owners. Three of these include, but are not limited to, the price offered, availability of certification programs, and the prospect of avoiding depreciation cost.
A gap exists between the prices of new vehicles and those that are not. Research indicates a ratio of three to one. Usually, loans need to be sourced for the purchase, and these tend to require down payments and charge high premiums. Pre-owned vehicle loans could reduce that expense.
Certification programs were previously employed by luxury motor vehicle automakers, but today almost all manufacturers are using them. The programs feature low-mileage units with no major damage, which are rigorously inspected for mechanical and cosmetic problems. Extended warranties are another feature of the program, and these may also include roadside assistance. Special financing at more reasonable rates may also be thrown into the bargain.
Depreciation on new vehicles begin the moment the units drive away from their dealers. This cost which could be more than 30 percent of the purchase price, may possibly be incurred during the first two years of usage. Vehicles that are pre-owned could be released from that burden.
Two disadvantages associated with purchasing vehicles that had previous owners are high loan interest rates and possible distress from hidden troubles. The inherent risks of such acquisitions prompt lenders to protect themselves by charging high premiums and withholding no-interest financing. No condition guarantees are offered on units not certified when they are bought. It is possible, therefore, that previously undetected problems could surface and seriously affect the owner’s peace of mind.
The foregoing tips for purchasing used cars could be useful to prospective buyers. Advantages and disadvantages need to be examined carefully before decisions are made.
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