Should I Buy A Used Car In Puslinch?
Should I Buy A Used Car In Puslinch?
Posted on April 20, 2021
Yesterday we outlined the pros and cons of buying a brand new car in Puslinch. To even the score, today we’re going to discuss whether you should buy a used car or not. Just like buying new, there are pros and cons of buying used. Many of which we’ll outline below.
The same Puslinch auto loan team that wrote the last guide wrote this one too.
Why You Should Buy A Used Car In Puslinch
There are several benefits to buying a used car.
Lower purchase price – Used cars are generally much cheaper than buying new. New cars lose most of their value in the first three years but even a one year old car can be up to 30-40% cheaper than buying new.
Lower Puslinch auto loan – It stands to reason that the less you pay for the car, the lower the auto loan you’ll need to pay for it. This means a lower monthly payment and less interest than a higher loan amount.
Vibrant used car market – The used car market has changed incredibly over the past years. There are now more used cars than ever before at a higher quality than ever before. Choice is certainly not something you’ll be short of when buying used!
Certified used car programs – Buying a certified used car means the vehicle has been inspected and any obvious defects corrected. Many will also be serviced and have any perished parts replaced. There will also be limited warranty to protect your purchase.
Cons of buying a used car in Puslinch
It isn’t all good news though as there are downsides to buying used cars.
No opportunity to build your own – New cars will often come with configuration tools where you can build your own car and have it manufactured for you. You can choose the colour, trim, interior, safety features and lots of accessories. You can’t do that when buying used.
Limited warranty – Most new cars will come with anything up to 7 years warranty. New cars will come with a limited warranty but that’s usually only for a few months at most.
Buying from private buyers – If you buy your used car privately instead of from a dealership, it really is buyer beware. You have to inspect it yourself, haggle with the owner and contend with any issues that arise once you pay for the car.
Potentially higher auto loan interest rates – Even though you’re borrowing less, so are less of a risk, you may pay higher interest with a used auto loan. Used car prices are less predictable than new cars so many lenders will offset this perceived risk with higher rates.
There is no doubt that buying a certified used car from a reliable dealership is a great way to own a car. Buying from a dealership also offsets many of the downsides of buying used.
If you don’t want to contend with depreciation or a higher auto loan payment each month, buying a used car is definitely the way to go. You can even get an auto loan to pay for it!
Contact Unique Chrysler for help, advice and competitive Puslinch car finance and leasing.
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