9 Undeniable Advantages of Buying a Used Car
9 Undeniable Advantages of Buying a Used Car
Posted on March 12, 2024
Some people crave that new car smell. And while there are certainly some perks to buying a brand-new car, there are lots of benefits to buying a used vehicle and most people seem to agree.
On average, three out of four car buyers (of 1,423 survey respondents) say their next (or first) vehicle will be secondhand instead of new.
If you’re on the prowl for a new (or newer) ride and need more convincing about the advantages of buying a pre-owned car, here’s a quick look at ten obvious and overlooked reasons why a used car should be a no-brainer.
1. Cars last longer today
A few decades ago it might have made more sense to avoid buying a used car—purely based on reliability—than it does now. This might be why your Uncle Frank keeps telling you to spend big money on a brand-new vehicle. Today’s cars and car parts are more reliable than ever. The lifespan of cars has increased and many different makes and models can reach or far exceed 200,000 kilometres.
2. Upfront savings on price
Brand-new cars begin to depreciate (a lot!) the moment you drive them off the dealership’s lot. Data from CARFAX shows you can lose about 10% of the value of the car in the first month alone and up to 20% over the first year. After that, the rate of depreciation slows down. So when you buy a used car that’s several years old, the previous owner has absorbed the initial depreciation hit and you’re paying a much lower price.
3. More options for your budget
When you’re shopping for used cars, the depreciation factor works heavily in your favour. Even if you’re only looking at vehicles that are a few years old, the prices will be far lower than if you were only looking at brand-new options. This means you’ll have a far wider assortment of options to fit your budget.
For example, if you have a budget of $13,500, there’s only a handful of brand-new options available to you (think: supermini hatchbacks like the Nissan Micra or Chevrolet Spark). On the other hand, if you look in the used car market, there are hundreds of options covering multiple brands and vehicle types, including trucks and SUVs!
4. Thriving used car market
Not only will you have more options to fit your budget, but shopping for pre-owned cars gives you a wider variety to choose from as well. The used car market in Canada is incredibly robust at the moment and the experience can be quite similar to buying a new car. Facebook Marketplace, Kijiji, Autotrader and Craigslist aren’t the only game in town. There are lots of reliable places to buy from, including dealerships and online retailers.
5. Find any car’s history online
One of the prevailing concerns about buying a used car is not knowing its history. But that’s another worry from yesteryear that your old Uncle Frank probably doesn’t realize is a thing of the past. Thanks to services like CARFAX, you can check any vehicle’s full history online with just a few clicks of your mouse or taps of your finger. Canada Drives includes free CARFAX reports on every vehicle in its inventory.
6. Shop CPO for extra peace of mind
In some cases buying a used vehicle can be riskier than buying a new one. Private sales of used cars are a good example. For the most peace of mind, Certified Pre-Owned (CPO) cars offer excellent value. These are cars that have been gently used, perfectly reconditioned, and warranty-backed by car manufacturers or dealerships. They’ve been rigorously inspected to ensure they’re mechanically sound and meet strict requirements on mileage and age limits.
7. Car insurance is cheaper
While your exact car insurance rates and options will vary based on your region and vehicle, by and large, car insurance for a used vehicle is cheaper than a new vehicle. This is for the simple fact that used cars are typically cheaper for insurance companies to replace than new cars.
Read more: Ways to Get Cheap Car Insurance
8. Extended warranty protection
Factory warranties are easily transferred to new owners but even if the coverage has expired, used car buyers can take advantage of extended warranties. This may not be an option in every case but most dealerships offer a variety of warranty options to cover used vehicles, especially any of their Certified Pre-Owned cars. Getting an extended warranty on a used car is a great way to add some peace of mind to your purchase.
9. More reviews & support online
Buying a used car also means you’ll be able to find lots of hands-on information about the vehicle on the internet, including YouTube reviews and posts on car forums and Facebook groups. For models that have been around for a few years, this information can be invaluable and shed light on common issues, worries, and how to easily troubleshoot simple problems.