When Does Buying a Used Vehicle Make More Sense than New?
When buying a new or used car in the Wichita metro region, you have every option under the great Kansas sun. Choices are endless as car manufacturers continue to improve on new models while older model vehicles still carry their weight. In fact, for many used vehicles on the market, there may be a point where there will never be a model that can stand up to one of the past. But so many options can be overwhelming, so how do you know what to buy and whether your next vehicle should be a new or a used vehicle? For some of our customers who walk onto our used car lot at Auto Now in Wichita, buying a new or used vehicle is a big step and can make a difference in finances now and in the future. One benefit to shopping our used car inventory in Wichita is that nearly everyone who walks through our door qualifies for financing through our buy here pay here dealership program. And to bring you peace of mind, here are a few reasons buying a used vehicle is often more beneficial in the long run than buying a new car.
One of the biggest disadvantages of buying a new vehicle is depreciation. As soon as you drive that beautiful machine off the lot, you lose money. And it can be a lot of money. In the first 3 years, a new vehicle takes the biggest hit. If you’re a person who drives the car into the ground, that may not matter. However, if you’re looking to have assets including resale value and equity, financially buying a new car doesn’t often make a lot of sense. A new car can lose up to 30% of its value, on average, as soon as it leaves the auto dealership lot. Imagine driving off the car dealership lot in Wichita, Kansas and throwing $3000 out the window? Some vehicles can depreciate over 50% in just a few years.
Used car financing and financial advantages
Buying a new vehicle sometimes comes hand-in-hand with traditional financing through institutions like banks or credit unions. Unfortunately, not everyone has that option due to previous credit issues or not enough of a credit history to receive a loan. Another advantage of buying a used car at a used car dealership like Auto Now in Wichita is the long term affordability as well as buy here pay here financing. If you finance through Auto Now, your credit approval is good for 30 days, that means spending the time you need to find the car you love. From Kansas to Missouri, our used car lots have been serving customers because we believe everybody deserves reliable and affordable transportation. Financing through Auto Now for your next used car is easy and can take just 10 minute. Even better is everything is done under one roof with our team of experts who handle your account every step of the process. Another benefit of buying a used vehicle are the savings on insurance and registration costs. New vehicles naturally have a higher insurance rate and annual registration costs not seen with used vehicles. At Auto Now in Wichita, we work closely with our customers to make sure their monthly payments are within their budget while finding a car that is reliable and one they love.
Competitively priced and greater inventory
Car manufacturers introduce thousands of new cars to the market each year which means in with the new and out with the old, even if that ‘old’ is new. What this means is that by finding a used vehicle just a few years old, you can often find an amazing vehicle that is nearly new and has already taken the depreciation hit. Used car dealerships like Auto Now in Wichita find reliable vehicles from new-car dealership trade-ins or bought directly from a seller. By working with full-time buyers we trust, we find the best used vehicles from across the region to add to our inventory of over 500 cars. What this means is not only do we see a constantly revolving inventory of makes and models, but we are able to price these used vehicles on our lot accordingly and competitively. Our inventory goes through a series of inspections before they are deemed sellable and lot worthy.
When shopping for a new or used car, it’s important to keep in mind your biggest asset and tool for peace of mind is doing your homework. Research the make and model of a vehicle. Figure out your budget, what you can afford and what car is within your price range. An advantage of buying a used vehicle over a new is also simply the data on the vehicle. With assets like social media and online reviews, finding information on an old model vehicle has never been easier. Not only is buying a used vehicle allowing someone else to take the depreciation hit, it’s also allowing yourself time to research and find information about a particular vehicle. A brand new model just hitting the road isn’t going to have the same long term data on user experience as a vehicle that has had time to go through the wringer. And with today’s access to information, learning all about a car is just a click away, setting you up to narrow down your selections and prepare for your test drive.
Buying a car is an exciting time and we encourage our customers to do their research to be confident about what they can afford and want in their next vehicle. Whether it is browsing our inventory, help calculating finances or looking to boost your credit through our buy here pay here financing program, our staff and team of experts at the Wichita Auto Now are always here to help. Stop in or contact us today!