If you are looking for a vehicle around Owosso that fits your needs and your budget, it may be a good idea to consider buying a used car. In many cases, used cars come with a manufacturer warranty or similar guarantee from the dealer. They may also come with many of the advanced safety and technology features that you want at a great price. Let's learn more about the benefits of buying used.

Manufacturer Warranties Can Almost Always Be Transferred

Even if you aren't the original owner of the vehicle that you want to purchase, you are covered by any remaining portion of the original manufacturer warranty. In many cases, the warranty lasts for up to three years and 36,000 miles. However, some automakers offer warranties that last for up to five years and 60,000 miles. It may also be possible to purchase an extended warranty that provides you with the same coverage against body, engine, or other vehicle defects.

Used Cars Tend to Depreciate More Slowly

While all vehicles depreciate over time, used cars will depreciate less over the period that you own it. A new car could lose 20% to 30% of its value from the time that you take delivery to the time that you get it home for the first time. Furthermore, new cars can lose up to half of their value within the first three years of ownership.

If you buy a used car, you can expect it to depreciate by less than 10% per year. The exact depreciation rate of a given vehicle will depend on how popular it is on the open market, the features it has and the condition it is in.

Get More When It's Time to Sell or Trade Your Car

As your car will retain more of its value over time, you will likely get more for it when it comes time to sell or trade it. Here at Young Owosso, we can apply any positive equity in your vehicle toward the cost of your new car or truck. If you'd like, you can sell the car yourself and use the proceeds toward a down payment on your next vehicle. While it may be possible to get more by selling a vehicle yourself, it may take more time and effort to do so.

Used Cars Typically Cost Less Than New Cars

The price of a new car can sometimes be a large chunk of your income. Conversely, you can buy a quality used car for as little as $10,000. The lower price point means that your monthly car payment will likely be lower than it would if you bought it when it was new. You may even be able to buy the used vehicle outright.

In addition to paying less for a used vehicle, it may cost less to insure the vehicle. This is because you may not need comprehensive or collision insurance on older cars. Furthermore, any used car that you feel confident about buying likely has a history of being a reliable and dependable vehicle. This means that there is less of a chance that it will be in an accident or that it will need to be repaired. Since your insurance company is less likely to pay out on a claim, it will charge less for coverage.

Used Cars Can Be Relatively New Cars

A used car is any vehicle that has had a previous owner. Therefore, you might be able to find a used car from the current or past model years. This means that you will likely pay less for a product that has advanced safety features and the ability to sync your smartphone to its sound system.

Visit Young Owosso to Learn More

If you are in the market for a used vehicle, come to our location in Owosso today. We will be happy to let you take a test drive or answer any questions that you may have about a particular car or truck. We look forward to working with you soon!

Categories: Pre-Owned Inventory