Some people crave that new car smell. And while there are certainly some perks to buying a brand new car, there are lots of benefits to buying a used vehicle and most people seem to agree.
On average, three out of four car buyers (of 1,423 survey respondents) say their next (or first) vehicle will be secondhand instead of new.
If you’re on the prowl for a new (or newer) ride and need more convincing about the advantages of buying a pre-owned car, here’s a quick look at ten reasons why a used car should be a no-brainer.
A few decades ago it might have made more sense to avoid buying a used car—purely on the basis of reliability—than it does now. This might be why your Uncle Frank keeps telling you to spend big money on a brand new vehicle. In reality, today’s cars and car parts are more reliable than ever. The lifespan of cars has increased and many different makes and models can reach or far exceed 200,000 kilometres.
Brand new cars begin to depreciate he moment you drive them off the dealership’s lot. Data from CARFAX shows you can lose about 10% of the value of the car in the first month alone and up to 20% over the course of the first year. After that, the rate of depreciation slows down. So when you buy a used car that’s several years old, the previous owner has absorbed the initial depreciation hit and you’re paying a much lower price.
You’ve heard of test driving a car but have you ever heard of test owning one? The latter is growing in popularity and for good reason. Taking a quick test drive around the block while the salesperson is yammering in your ear doesn’t provide you with much information. Test owning, by contrast, means you get to buy a car with the guarantee that you can return it for a full refund after a few days if you change your mind. This is similar to Honda Canada Certified Program.
When you’re shopping for used cars, the depreciation factor works heavily in your favour. Even if you’re only looking at vehicles that are a few years old, the prices will be far lower than if you were only looking at brand new options. This means you’ll have a far wider assortment of options to fit your budget.
For example, if you have a budget of $15,000, there’s a handful of brand new options available to you. On the other hand, if you look in the used car market, there are hundreds of options covering multiple brands and vehicle types, including trucks and SUVs!
Not only will you have more options to fit your budget, but shopping for pre-owned cars gives you a wider variety to choose from as well. The used car market in Canada is incredibly robust at the moment and the experience can be quite similar to buying a new car. Facebook Marketplace, Kijiji, Autotrader and Craigslist aren’t the only game in town. There are lots of reliable places to buy from, including dealerships and online retailers.
One of the existing concerns about buying a used car is not knowing its history. But that’s another worry from the past that your friends and family probably don’t realize is a thing of the past. Thanks to services like CARFAX, you can check any vehicle’s full history online with just a few clicks of your mouse or taps of your finger. Okotoks Honda includes free CARFAX reports on every used vehicle in its inventory.
In some cases buying a used vehicle can be riskier than buying a new one. Private sales of used cars are a good example. For the most peace of mind, Certified Pre-Owned (CPO) cars offer excellent value. These are cars that have been gently used, perfectly reconditioned, and warranty-backed by Honda Canada. They’ve been rigorously inspected to ensure they’re mechanically sound and meet strict requirements on mileage and age limits.
While your exact car insurance rates and options will vary based on your region and vehicle, by and large, car insurance for a used vehicle is cheaper than a new vehicle. This is for the simple fact that used cars are typically cheaper for insurance companies to replace than new cars.
Factory warranties are easily transferred to new owners but even if the coverage has expired, used car buyers can take advantage of extended warranties. This may not be an option in every case but most dealerships offer a variety of warranty options to cover used vehicles, especially any of our Honda Certified Pre-Owned cars. Getting an extended warranty on a used car is a great way to add some peace of mind to your purchase.
Buying a used car also means you’ll be able to find lots of hands-on information about the vehicle on the internet, including YouTube reviews and posts on car forums and Facebook groups. For models that have been around for a few years, this information can be invaluable and shed light on common issues, worries, and how to easily troubleshoot simple problems.