Everyone has a car that they dream of owning. But the reality is that approximately 43% of all car-owning Americans are put into debt because of the big price-tag that comes with car troubles. Maybe the problem starts with how expensive a car purchase can be in the first place.
Buying a certified pre-owned (CPO) car is the perfect way to get the car you want without sacrificing your budget. Here’s why buying a used car may be the smartest option for you:
You save money.
Lower insurance rates, lower registration fees, lower costs of customization, lower price tags- nearly every aspect of buying a car is cheaper when you buy used. If you want to purchase a vehicle that won’t completely deplete your savings, avoid the priciness of a newly manufactured model.
You can anticipate repairs.
Used cars receive a thorough inspection when they’re brought in to be sold. When you buy used, you get a complete rundown of the car’s accident history and service history. You can even find the information yourself using this website by the National Motor Vehicle Title Information System.
You won’t be as affected by depreciation.
The majority of your car’s depreciation in value happens right after you purchase it. After the first 12 months of owning a new car, its value will drop by over 20%. The next four years hold another 10% of annual depreciation. If you purchase a car that’s already been owned for five years, you won’t have to worry as much about losing a bunch of money by the time you resell.
You can have less of a carbon footprint.
Calculations reveal that it takes an energy equivalent of 1,000 gallons of gas just to produce a Toyota Prius. And that’s before it’s driven and used for a number of years. A great way to reduce your carbon footprint is to buy a pre-owned vehicle. By doing this, the cars that have already been manufactured can be utilized before new ones are manufactured.
You get to use the previous warranty.
Sometimes you’re able to keep part of the original manufacturer’s warranty that the previous owner purchased. This allows you to have access to receive car service from specially trained technicians that are much more familiar with your model and make of vehicle. This is not pertinent to every used vehicle, however, so be sure to check whether this is relevant to your purchase before you make your final decision.