When deciding to purchase a vehicle, there are a lot of decisions to make… what kind of vehicle do you want or need, who will you purchase it from and will it be a new or used vehicle? While new vehicles can be shiny and appealing initially, there are many reasons why buying a used vehicle beats out buying brand new.
Smaller Price Tag
One of the most notable differences between used and new cars, trucks, SUVs and minivans is the price tag that they boast. Even used vehicles that are only 2 or 3 years old can cost considerably less than their newer counterparts and can save you thousands off their original cost. Want to save even more? Check out reliable vehicles that are 5-10 years older.
Along with that lower price tag on used cars, vans, trucks and SUVs, there are additional savings to be had in the added fees you pay when registering, licensing and titling your vehicle. In West Michigan, where buyers pay 6% sales tax on on top of the purchase price, the difference between a $20,000 vehicle and a $15,000 vehicle means an additional savings of $300 in taxes. In addition to taxes, registration fees are also based on MSRP (Manufacturer’s Suggested Retail Price) which lowers as the vehicle ages.
Avoid Massive Depreciation
It’s no secret that a New Vehicle will be more than a Used Vehicle but do you know that after buying it, your sweet new ride will also lose some of its value? Research shows that immediately after purchasing a new vehicle it will lose approximately 10% of its value!! And while that 10% may already sound painful, the sad truth is that the depreciation has just begun. Within the first year of owning it, your new car will lose an additional 10% and leave you driving a car, truck, minivan or SUV that’s worth 20% less than what you paid initially paid for it. If you plan on driving that same car over the next 5 years, you can expect to lose 60% of your initial investment when you go to resell it. Ouch!!
Before you can even drive off the lot, you’ll need to start an auto insurance policy on the car or truck you’re purchasing. And although there are many factors that are taken into consideration to determine your vehicle’s insurance premium, the cost to repair or replace it is in fact one of them. The more expensive your vehicle, the higher the premium will typically be on your auto insurance policy. As mentioned above, a vehicle’s worth drops the older it gets and as it does so, the likelihood of an insurance company totaling it in the event of an accident increases. Because the cost to repair newer vehicles is higher than totaling out an older one, the owner will pay more to insure it, thus a higher premium.
When researching a particular vehicle, it helps to have information available from others who have owned it before you. When you buy brand new, you rely more on automakers assurances that the brand new vehicle they are selling is “First In Its Class” but that doesn’t tell you what other people are saying about it after owning it for a while. Used cars have a history… either problems they have developed over time or things they’ve come to be known for, as well as owners and mechanics who are happy to share thier information with you. Buying a great, quality pre-owned car, truck or SUV means you can read about other people’s experience owning and driving it before you decide to take the plunge yourself.
Some consumers believe new cars to be more reliable but as manufacturers steadily increase the lifespan of vehicles being produced, that issue becomes less and less important. Other consumers report liking the security of a warranty associated with new cars and much harder to find when buying a used vehicles. If you’re one of the 71% of Americans polled who considered buying a used car over new, you might be asking yourself if you have to sacrifice a warranty in order to save money. The answer at Broadmoor Motors is… we don’t think you should have to give up the security of a warranty, even when buying a used vehicle.
Added Features For Less
Along with a lower initial price, used cars, vans, trucks and SUVs can come with more perks without the big payoff you’d be expected to pay at new car dealership. Added features like backup cameras, heated leather seats, dual-zone climate control, keyless entry and Bluetooth connectivity are much more common in used trucks, vans, SUVs and cars than in years prior and many times it’s possible to get into a higher trim package on a vehicle that’s a couple of years older than in a brand new vehicle.
Unlike decades before today, where the life expectancy of a vehicle was 100,000 miles, today’s vehicles are largely expected to last well over 200,000 miles. The average life of a vehicle out on the road today is 11 years, which makes the amount of used cars available to purchase, much greater than the number of brand new vehicles available. While new car dealerships are only able to supply their customers with one model (and usually by one maker), used car dealerships can offer a variety of different years, makes and models so you’re more likely to find a car, truck, SUV or minivan to truly fit your needs and budget.
If you want to find a reliable, safe vehicle and skip the stressful and difficult hurdles you run into at other dealerships we invite you to check out our current inventory of Used Trucks, Vans, SUVs, Cars, Commercial Vans and Work Trucks. At Broadmoor Motors Hastings, we specialize in finding the right used minivan, truck, SUV or car to fit your personal or business needs, all while giving you the best deal we can on both your purchase and trade in. Our family has been in the car business for over 60 years and continues to be family owned and operated in our Hastings, Wayland and Caledonia locations with financing available to those who qualify. We will find you the right vehicle to fit both your budget and your needs!
Let Broadmoor Motors Hastings save you time and money when buying your next quality, Pre-Owned Car or Work Truck and on your next Car Rental. Whether you need a short term car rental, long term car rental, a replacement while your vehicle is getting serviced or simply need to replace your car, minivan, truck or SUV with a great used vehicle, we can help you out. Broadmoor Motors Wayland is here for all your Car Rental, Car Sales, and Auto Service needs in the greater Barry County area, Hastings, Middleville, Wayland, Dorr and Caledonia area. Give us a call at 269.397.2400 in Wayland, 269.320.6304 in Hastings or 616.698.9595 in Caledonia to see how we can get you back on the road!