Buy an Almost New Car & Save Bigtime!
Written by bmlengel on January 30th, 2010
Everyone loves getting a new car. Everything about the car is pristine. There is no wear, the body is perfect with no scratches or dings, and it even has that incomparable new car smell. But all those things go away with time, and you’re left with the car payments of a new car.
Ashtonishingly (at least to me) you can buy a late model low mileage car for much less. There are a lot of cars that are only a couple years old just waiting at your local car dealership. It’s a mystery where these barely used cars come from. I recently saw a 2008 Infiniti G35 with 17,000 miles for sale at a dealership that sells new & used Infiniti Los Angeles. There’s a 2009 Ford F-150 available for ,000 at a Huntington Beach used cars dealership. And a 2008 Mitsubishi Galant for ,000 at a dealership that sells new and used cars in Chesapeake. Who purchased this new car and then got rid of it while it still has so much use? Maybe they couldn’t afford the payments.Perhapes they trade in their car for a new one every year? Who knows?The fact is that you can buy it for much less than they paid – and it’s still almost new!
Pricing
Logic would say that the price of a used car would be the same as its price new, less the miles that have been driven, any damage, and of course depreciation because last year’s model is not as desirable as this year’s model. That depreciation turns out to be a substantial percentage of the price. You would still be happy if you had purchased that same car a year ago, even though the manufacturer has now released a newer model. You’d probably still owe more on it than it’s worth. But when they go to buy a car, most people want the latest and greatest. Within a year, they’ll have a used car.
Why not get the benefit of this undervaluation which disproportionately the market price of used cars? Decide on a car you like. Most car dealers will certify vehicles that are in good condition and have a limited number of miles. Financing is still available on a used car, just like it is on a new car. Most low mileage used cars are still under their original factory warranties, plus you have the option of buying an extended warranty.
Hindsight is 20/20
Sometimes when a new model is released, there are unknown defects. Car magazines and other reviewers drive the new car models and report on their findings. But the testing on these cars can only be conducted for a relatively short period of time. Some information, like how reliable a car is just isn’t available until thousands of them are on the road over an extended period of time. When you are buying a used car, you have access to some of this information before you decide. Besides, even the best cars have recalls over the first year or two. When you buy a preowned car, many of these problems have already been fixed.
So if you’re watching your budget, like so many of us are, consider buying a late model used car. The dealership that sells new cars is the best place to get a used car of the same make. You’ll find a good selection, sales people who are familiar with the car, and factory trained technicians who can service your car going forward.
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