If you’re car shopping in the Nashville, Madison, or Gallatin areas, you may be wondering about the benefits of buying used cars. The team at Ron Hibbard Toyota can help. We’ll be happy to chat with you about why buying a used car can be a great fit for your lifestyle and help you pick out the one in our inventory that’s right for you.
Check out our list of benefits of buying used cars below and then contact us if you want to know more.
1. Buying a Used Car May be More Cost Effective
One of the biggest benefits to buying a used car is that they tend to have a lower purchase price than new cars. This is because used cars have already experienced a good majority of their expected depreciation.
With this extra budgetary space, many drivers choose to do one of two things:
- Pay less per month but keep their loan length the same
- Keep their monthly payments higher but pay off their loan sooner
This also gives you the room to shop for a car at a higher trim level or with feature upgrades you may not have purchased with a new car.
2. Used Cars May Retain More of Their Purchase Value
In general, the value of a new car tends to depreciate the most in its first 1-2 years on the road. After that, the rate of depreciation usually slows down more and more each year.
This decreased rate of depreciation means that if you decide to trade it in again later, you’ll likely be able to recover much more of what you initially paid for it with the trade-in price.
3. Used Car Inventories Have Even More Variety
Unlike buying a new car, shopping for a used car doesn’t limit you to any particular model year. So, you may be more likely to find a rare or out-of-production vehicle. You can also search through a variety of makes and models from a wide span of model years to find a unique set of wheels that fits your needs and style just right.
4. Used Cars Can Still Come with a Warranty
If you like the peace of mind of a factory-backed warranty, then you’ll probably be happy to hear that they’re available with many used cars, especially in the certified pre-owned (CPO) inventory.
Toyota CPO cars have undergone an extensive multi-point inspection and come with a two factory-backed warranties. We also include a complimentary CARFAX® Vehicle History Report™ with every CPO model on our lot.
Used vs New Car
Now that you know the benefits of buying used cars, you may be wondering how used and new cars compare. Essentially, new car benefits come down to three main points:
- New cars often have more up-to-date technology, safety, and design elements
- New cars are more customizable and can be personalized with the trim, color, and package upgrades you want
- New cars may have lower maintenance costs at first
Of course, the trade-off for these benefits is that new cars often carry a higher ticket price and depreciate at a faster rate than used cars. They also limit your search to the current model year.
Used Car Financing Options
If you’re thinking of buying a used car, we invite you to speak to our finance center to learn about our used car financing options.
Our knowledgeable team can tell you about any current used or CPO vehicle specials or incentives we may be running or whether you qualify for any special financing programs.
They’ll also work with you to decide on loan terms that you like before reaching out to their network of local lenders to help you secure your loan.
Contact our finance center at any time to learn more about your used car financing options.
Ask us about Used Car Benefits
Want to know more about the benefits of buying used cars? Reach out to the team at Ron Hibbard Toyota near Nashville, Gallatin, and Madison.
Explore our inventory today!