If you are considering purchasing a vehicle, you have options. Buying a brand-new car, truck, or SUV is exciting but not always the best option. Pre-owned vehicles are an alternative to brand-new choices.
Since 1921, Dingwall Ford has been helping the community purchase vehicles that work for them. Our team is dedicated to customer service and is happy to help you explore your options.
There are many reasons that buying a brand-new vehicle is not always the best choice. The biggest reason is the high cost. Purchasing a pre-owned vehicle has many benefits that are often overlooked.
Lower Sticker Price
Pre-owned vehicles will always have a lower price tag than their brand-new counterpart, even if they happen to be the same model year. If you are on a budget or simply do not want to spend a higher amount of money, consider looking at used vehicles.
New vehicles have a manufacturer suggested retail price (MSRP). While there may be a little room for price negotiation, there is a smaller range for what you will pay. Since used vehicles do not have an MSRP, it can be much easier to get a lower price than what it is advertised as.
Lose Less Money on Depreciation
The moment a new car drives off the lot, it is worth less money. By the end of the first year, the car’s value has decreased by about 30%. By year five, the vehicle has lost around 60% of its initial value.
If you purchase a vehicle that is used, the price you pay for it will be closer to the amount you will receive if you sell it.
The value of certain makes and models depreciates faster than others. If you plan on selling the vehicle, it is worth finding out how much more it will depreciate. You can also find vehicles in pristine condition for a lower cost simply because their value dropped quickly.
Save Money on Loan Interest
When taking out a loan for a used vehicle, interest rates tend to be lower and the loan term shorter. The more months it takes to pay off the loan, the more money you have to pay in interest.
Combining a short loan term with lower interest rates means that the money you pay is going toward the actual vehicle cost and not to the loan institution in interest.
Get Your Dream Car
You can find a wide range of pre-owned vehicles for sale. If you have always wanted a Ford F-150 but are deterred by the price, you can be sure that there is a used one that will meet your needs.
Some people love to sport the newest year model or customize their vehicle. You can benefit by buying what they sell. If leather-trimmed seats are something you dream of, you can easily get that in a used car.
If you find a vehicle that has unique customizations that may not appeal to a bigger crowd, you can try negotiating the price down.
Lower Insurance Premiums
Since the value of a new car is higher, the insurance to cover it will cost more. Even a like-new used car will have lower insurance premiums thanks to depreciation.
If you are on a tight budget, it is worth talking to your insurance agent before buying a new or pre-owned vehicle. Let them know what you are looking at and see what your insurance premiums will be.
Buying a new vehicle requires the use of materials and manufacturing, which have an environmental impact. When you buy a used vehicle, you are helping to prevent those impacts from occurring.
Buying a pre-owned car also helps keep vehicles out of the landfill. If everyone wants to purchase a new vehicle and no one is buying the used ones, all the used ones end up junked.
Purchasing a used vehicle and keeping it well maintained is a more sustainable choice than buying brand-new.
Less Worry About the Vehicle
When you buy a brand-new car, you want to keep it in that pristine condition for as long as possible. A lot of stress can be created by trying to prevent dings and scratches.
With a used vehicle, there is less stress. If you need a vehicle for construction, farming, or heavy-duty hauling, buying a used vehicle is a great choice. The truck you buy may already have a dent or two, so getting a second one is not as big a deal.
Used vehicles are also the perfect option for new drivers. If a teen driver gets into a fender bender, it will be less devastating if it happens to a 2002 year model than to a 2020 one.
Find the Right Used Vehicle For You
Dingwall Ford’s Internet Sales Team is ready to help you find the right used vehicle for you. You can search our inventory online, then use our Live Chat feature to let us know what we can help you with.