Advantages and disadvantages to buying a pre-owned vehicle

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Category: Others/ Misc
     
 

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Overseas BMW offers affordable leasing and financing options on a variety of new, used and pre-owned vehicles. To learn more, visit their website today www.overseasbwm.com.

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Presentation Transcript

Is Pre-Owned the Right Choice? :

Is Pre-Owned the Right Choice?

Consumer Tested:

Consumer Tested Consumer testing is a primary consideration for used vehicles. A new model often has to be on the road for a while before the manufacturer learns of problems. Certain safety and design issues pop up once people start complaining to the company about their new cars.

Consumer Tested:

Consumer Tested Feedback is another side of that same advantage. People like to discuss things they buy on the Internet. Doing a search of social media sites gives you an intimate view of what people think about a particular make and model of car. The feedback will be more extensive if the car is one or two years old.

Taxes and Insurance:

Taxes and Insurance Taxes are less when you buy used, mostly because you are paying less. With a new car , you are paying sales tax on the full purchase price. If you buy a new vehicle for 25,000 dollars and the tax rate is 7 percent, that means your upfront cost is 1750 dollars. That same car a few years older might run about 8,500 dollars. That mean the state only gets 595 out of your pocket. Insurance is typically less for a used car, as well. The company that wants 495 dollars from you every six months for a 2012 model might require half that for the one made in 2008.

Safety:

Safety A new car means the newest technology, and on most models, that improves the safety features. Things like electronic stability control and advanced air bag systems were still in the design phase when an older model was hitting the market. The more common safety details, however, have been around long enough to be on a car that is just a few years old. For instances, traction control and antilock brakes are all acceptable safety options.

Financing:

Financing Finance companies want you to buy new cars, so that is where the deals are if looking for a loan. Many banks and other financial institutes will not consider a loan for a car that is over fives years old. If they do give approval to buy a used car, the interest rate is likely to be higher than for a new vehicle. The same company may offer an incentive package to buy the most current model.

Conclusion:

Conclusion Ultimately, it depends on what you want. There are advantages and disadvantages to buying both new and used. A person on a tight budget might find pre-owned offers more features for a better price. New vehicles have the better technology, a more comprehensive warranty and sleeker styling.

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