If you are thinking of buying a car, there are two options you can choose from. One is purchasing a brand-new car, and the other one is buying a used car. It is indeed rewarding and fulfilling to purchase a new car. However, if you badly need a vehicle but don’t have enough money to buy a new one, opting for a used vehicle is also a good idea. There are many options out there when it comes to used vehicles. In fact, there are used cars under 5000 that you can buy today.
However, some people are hesitant when it comes to buying used vehicles. Chances are, most of them have heard some of the myths and rumors floating around the market about used cars. Many people in the used vehicle markets change their minds as they are scared because of the misconceptions. A lot of people think that used vehicles cost less than new cars but are likely to cost you money in the long run. But that is not always the case.
If you are thinking of buying a used car soon but the myths about them are holding you back, no worries, as we are here to help you. In this article, we are going to discuss the most common myths about buying a used vehicle.
Myth Number 1: Used vehicles are not reliable and are mostly junk
A lot of people are under the impression that a car is being sold by the previous owner because it has problems. But you need to note that pre-owned cars represent many things, such as completed leases, trade-ups, repossessed property, and more. Therefore, not every car you see at the lot is a piece of junk. Before you rule out buying a used vehicle, you should first think of the many reasons someone might sell their existing vehicle. Here are some of those reasons:
- Growing families may need to sell their car to be able to buy a bigger vehicle like an SUV.
- A handyman may sell his car to buy a transit van or truck that he can use for work.
- A young couple may decide to sell their car to shoulder other expenses at home.
- An elderly man or woman may sell his or her car when he or she can no longer drive.
- A new college grad may decide to sell his car to have money for rent or tuition.
With these various reasons, we can conclude that buying a used car could be a great deal. It is true that not all used cars are in good condition, but not all of them are junk either. If this is one of your concerns, consulting a mechanic to take a look at the car you are eyeing to buy is a good idea.
Myth Number 2: The repair costs for used vehicles are not worth it
People may also assume that a used vehicle needs more frequent maintenance, costing more money on the upkeep compared to a new car. The concern is augmented when a car has over 100,000 miles on it. But did you know that many new car models today are more expensive to repair than used cars? Yes, because a new car may have more complicated and expensive replacement parts.
Most of the newer car models today can run into unknown manufacturing or design issues. In addition to that, newer vehicles have complex electronic systems and more gauges and gadgets that can break and cost you lots of money to repair. If you want to avoid expensive repairs for used cars, you just need to ensure that you are buying a highly reliable used vehicle with good reviews and a proven track record. You can try visiting SCA, which is an auto auction site in North America if you want to score a used vehicle for a good price.
Myth Number 3: Used vehicles do not have important safety features
This myth is not true unless you are purchasing antique cars that are decades old. Most of the used cars for sale today have all the safety features of a modern car. These include side airbags and an anti-lock braking system, which are not stripped away when a car is being resold. If you want to ensure that the used vehicle you are planning to buy has safety features, you can visit the car manufacturer’s website to see them and compare it to the used car.
Myth Number 4: You need to pay in cash when buying a used vehicle
Many people opt to buy a brand-new car as they are able to pay them on an installment or monthly basis. But you have to know that financing a used car is no different than financing a new one. When you pay in cash, you will be out of debt, while making a large down payment will help you save on the monthly payment and interest rate. Unless you have absolutely awful credit, cold money is not needed for buying a car.
However, if you come across a dealership that requires cash to buy a used car, this could be a red flag. It’s because most quality car dealerships will provide you with different options for financing a car, either new or used. In fact, many of them will persuade you to use in-house financing as they earn more from that.
Myth Number 5: Used vehicles have poor resale value
When you buy a new car, its value drops as soon as you drive it off the lot. With this, a used car will already save you some depreciation. Keep in mind that sales are all about supply and demand. Therefore, understanding the value of your used car can be a great tool for getting more out of it.
For example, electric or hybrid cars are trending these days as environmental awareness increases, and the cost of gas continues to climb. As we’ve mentioned earlier, there are many different reasons people are selling their vehicles. With this, we can say that both buying and selling used vehicles can prove highly valuable when the right car is matched with the right buyer.
Myth Number 6: Used vehicles guzzle gas
Note that the amount of gas a car consumes depends on the size of its engine and how well it is maintained. Today, many cars have engines that offer better gas mileage. Many used cars being sold are in good condition. But to make sure that they remain fuel-efficient, you need to do certain steps, such as change the oil, check the spark plugs and PCV oil, and keep the car well-maintained.
Myth Number 7: Used vehicles do not have warranties
This is another false myth. New cars commonly have a warranty of three years. If the owner of the car chooses to sell them off in a year or two, a substantial amount of the warranty is left. There are plenty of used vehicles for sale out there with leftover warranties. There are also times when companies that sell used cars give customers warranties or months of coverage.
These are some of the most common myths about buying a used vehicle. Both brand new and used cars have their own set of advantages and disadvantages. Therefore, if you choose to purchase a used vehicle, you just need to check or inspect everything carefully to ensure that you are getting a good deal. Getting advice from the experts is also a good idea if you are unsure.