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Approximately 3 million units of used cars are sold in Australia each year. Clearly, one man's trash is another man's treasure with the used car market attracting more and more people who are looking to maximise their value for money when purchasing a car.
While purchasing a used car comes with its benefits, there are also precautions required when doing so due to the risks associated with it. Due diligence is required. Conduct your own research to ensure you minimise your risk of purchasing a less than an ideal car.
To assist you in determining if purchasing a used car is for you, we'll explore both the advantages and disadvantages of purchasing and owning one.
There are genuine benefits in buying a used car that can certainly put your mind at ease about the decision.
A new car's market value depreciates every year. Purchasing a used car allows the original owner to shoulder the depreciation, decreasing the car's overall value. This paves the way for you to purchase and own the car at a lower price. This means buying a used car allows you to own your dream car sooner without breaking the bank.
Brand new cars come with expensive price tags. If you're looking for a vehicle just for the necessity to get around or don't plan on having the car for an extended period of time, then buying a used car is your best option. A used car can cost half the price of a brand new car so you can save your hard earned dollars for your dream car down the track.
Purchasing and owning a new vehicle comes with hefty insurance fees. As used cars are cheaper to replace, they are cheaper to insure as well, reducing the overall costs of maintaining the car per month.
Manufacturers now offer warranties up to five-years on newly purchased cars.
Hence, when searching for used cars, looking specifically for a three-year-old car may allow you to obtain a used car with fewer risks. As the warranty can be transferred from one owner to another, this may come in handy when shouldering any unforeseen damages.
When purchasing a used car, you take on potential hidden risks of poor car quality and reliability.
However, various manufacturers offer certification programs for their used cars. These programs ensure the cars are in usable condition prior to the car sale. rough and meticulous inspection has been done to all selected used vehicles to make sure they meet the standards of detailing, appearance, etc. In addition, particular incentives like extended warranty and roadside assistance are offered by manufacturers.
Purchasing a used car allows you the opportunity to personalise your car with the money you would have otherwise spent on a new car. You can now have your dream Infotainment system in or car or have those silver metal rims on your wheels.
To balance things out, it’s worth noting the disadvantages as well.
When buying a used car, ‘what you see is what you get’. There’s likely less choice if you’re after a particular model with particular features and a certain color. And that might mean you have to shop around, cast the net wider and look at cars to find the right one at the right price. If you have a specific car model in mind, you may not be able to buy the exact model unless you’re extremely lucky. You will have a limited choice of cars to choose from and you’ll either have to wait till the right car comes along or purchase the best option currently on the market.
The car dealership may have worked on the car to make it look attractive but you still may have to shoulder the costs of any malfunctions that may occur from hidden damages. The savings you made from buying a used car may have to go towards repair and maintenance to restore the car to its usable state. It is wise to have the car checked by a trusted mechanic before making a decision.
Used cars, especially the really old ones have worn consumables such as hoses, tires, shocks, filters, fans, and clutch. Due to wear and tear, there's no guarantee for how much longer the car will run smoothly.
Despite improvements in quality and longevity, used cars are still generally less reliable than brand new, zero-owner vehicles, which could lead to costly repairs ahead. There’s also the possibility of buying a lemon with issues not covered by a warranty, or even taking home a car with flood damage. A vehicle history report will tell you a lot about what’s taken place, including the vehicle’s title status, service history and any accidents along the way, and you may be able to get additional service records and information from the seller. Beyond that, you might not know how previous owners really cared for the vehicle or how hard they drove it.
As most used cars don't come with warranties, you will have to pay for any future repair costs. Unless a vehicle is still covered by the manufacturer’s warranty, buying from a private party means you could miss out on protection against mechanical and electrical faults. Dealerships, on the other hand, may offer their own warranties on used vehicles.Minimise your risk of having to shell out for repair costs soon by requesting any previous reports of the car to identify the issues and what needs to be done in order to adjust your offer price accordingly.
Buying a car still is a highly personal decision and buying a used car can be an option.
Carrying out due diligence, consider the advantages and disadvantages and conduct further research on the car to make sure you’re investing your hard-earned money on a used but reliable car.
Knowing the advantages and disadvantages of buying a used car is a good start as you weigh the options on your next vehicle. Look at expert and consumer reviews of vehicles to see how they’re rated, and use auto loan calculators to understand what may work for your finances. If you decide a used car is the best option, consider a test drive in different conditions, getting a vehicle history report and arranging an inspection by a mechanic to ensure you end up with a car you’ll be happy to own.
If you're currently on the look-out for your ideal used car, try Motor Matcher. With transparent pricing, we can help you find a used car that offers you the most value for money.
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