Curing Shiny Object Syndrome: 6 Reasons to Buy a Used Car

Whether you’re upgrading or making a new addition to your garage, buying a new car is an exciting investment. The latest car models come with long lists of safety features and technological bells and whistles that are hard to resist. However, while a brand new car with that fresh car smell can be extremely tempting, it’s no secret that purchasing one will make a sizable dent in your wallet. 

However, buying a brand new car from your local dealership isn’t the only option you have. If you’re looking for a reliable vehicle with a modest price tag, try buying used. Many car owners trade in their used cars at car dealerships for an upgrade, where the dealerships resell them at a cheaper price point. 

You can also find used cars online or even at an auto salvage yard like this. By turning to auto salvage yard experts, you can reduce your carbon footprint, and capitalize on unbeatable convenience, and save precious minutes typically spent listening to sales pitch after sales pitch. Those ready to hit the gas and jumpstart their used car search opt for a sales-pitch-free buying experience. 

Though a new car seems like a worthwhile investment, purchasing cost isn’t the only reason buying used may be the wiser choice. So as you search for your new vehicle, consider these six reasons for buying a pre-loved car.

Environmental benefits

It’s no secret that car emissions are one of the most significant contributors to global warming pollution. If your focus is on better energy ratings and fewer carbon emissions, buying a used car may be even more environmentally friendly than purchasing a new hybrid. It takes the energy equivalent of 1,000 gallons of gasoline to produce a vehicle like a Prius. It will take driving that Prius for about 46,000 miles to pay off that carbon debt. However, if you purchase a used hybrid, that carbon debt will have already been paid or will be paid off soon. 

The most environmentally friendly way to purchase a used car is to buy one with a better gas mileage than your old vehicle. Surprisingly, many vehicles from the 1990s have phenomenal gas mileage, but if you prefer a vehicle with fewer miles on the odometer, there are still many recent energy-efficient models.

Minimize depreciation

New cars begin depreciating the second you drive them off of the dealership lot. Some car models and manufacturers hold their value better than others but can still lose up to 30 percent of their value in the first year of ownership. Around two years of ownership, the rate of depreciation begins to flatten out. By purchasing a one-year-old used car, you can avoid taking that financial hit and retain a good value for your purchase, but two- and three-year-old cars are also a better choice financially. If you purchase the “right” used car, you may even be able to resell it later for only a slight loss in valuation.

Reduced insurance costs

Your car’s value is the primary item insurance providers reference to determine their rates. A new car’s value is much higher than a used car’s value, meaning that a new car will cost far more to insure. On the other hand, after a few years of depreciation, a used car will cost less to replace insurance companies if it’s wrecked in an accident, so your insurance rate will be far lower.

Cheaper registration fees

Like insurance, many states will charge less to register an older car due to its age and value. Additionally, many states set a supplemental yearly tax on top of a registration fee based on the vehicle’s age. However, in Massachusetts, the excise tax levied on all cars is dramatically reduced after two years of ownership and bottoms out after five years. Therefore, if you live in a state that uses a registration system based on your car’s value, it’s well worth it to purchase a used car to save additional money.

Readily available vehicle history

If your hesitancy to buy a used car comes from believing that a used car is less reliable and won’t last as long as a new one, you’re in luck. The emergence of companies like Carfax and AutoCheck makes it easy to access a vehicle’s history report to provide up-to-date data on your potential car’s reliability. Your vehicle history report contains information about accidents, repairs and should include a record of how many times the vehicle has switched ownership. Of course, you should always ask a mechanic to inspect the car you’re considering purchasing, but a vehicle history report can help you avoid wasting your time.

Aftermarket communities

Used cars come with a wealth of information, not just from the vehicle history report. Avid car collectors and enthusiasts are incredibly active on forums and car sites, ready to provide helpful information about various car manufacturers and specific models. In addition, these online communities can give beneficial details on persistent problems, recalls, and any other pertinent issues that make it easier to shop for suitable cars and avoid the wrong ones.

The bottom line

Though you may desire a car fresh off the dealership lot, consider buying used to save money and benefit from the wide variety of online resources that come with owning a pre-loved vehicle. Not only will your wallet thank you, but you’ll also have a reliable, long-lasting car to transport you wherever you want to go.