It’s understandably easy to be seduced by the allure of a brand-new vehicle. The idea of acquiring a vehicle that is bristling with cutting-edge technology and untouched aesthetics, is undeniable. However, when it comes to practicality, value, and overall financial sense, purchasing a used SUV often emerges as the superior choice for many buyers.
When you search around for the best used SUV available for your budget you are bound to be pleasantly surprised to discover that all that sought-after technology combined with an interior that is still in pristine condition is not that hard to find.
When you also realize the often substantial difference in cost between new and used SUVs without compromising on quality or comfort, the advantages of searching for a pre-owned version soon become crystal clear.
Still need convincing? Here are five compelling advantages of choosing a used SUV over its brand-new counterpart.
Depreciation Benefits
As already briefly highlighted, one of the most significant advantages of buying a used SUV is the reduced impact of depreciation. New vehicles typically lose a substantial portion of their value within the first few years of ownership, with the steepest decline happening the moment you drive off the dealership lot.
According to automotive industry estimates, a new car can lose up to 20-30% of its value in the first year alone, and by the end of the third year, it could have depreciated by as much as 50%.
Purchasing a used SUV allows you the perfect opportunity to sidestep this initial depreciation hit. If you make the decision to let the vehicle’s first owner absorb the bulk of this depreciation, you make a substantial saving and end up paying a price that more accurately reflects the vehicle’s current market value.
The vast majority of modern SUVs are built to a high-quality spec and are built to last a long time. Buying one that has dropped from its initial price point but still boasts all of the positive features you want is a real no-brainer from a monetary standpoint.
This aspect alone can make the idea of buying a used SUV a smarter financial investment. In a nutshell, you tend to get more car for your money and a better overall value proposition as a result of someone else taking the depreciation hit.
Lower Insurance Costs
It stands to reason that, generally speaking, Insurance premiums are usually lower for used vehicles compared to new ones. The value of the vehicle is a crucial factor that insurance companies consider when determining premiums, and since used SUVs have a lower market value, the cost to insure them is correspondingly lower.
Another added bonus when it comes to insurance costs is that some elements of car insurance, like collision and comprehensive coverage, can be adjusted or dropped altogether for older models. This could deliver some potentially excellent insurance savings for the duration of your ownership.
Access to Reviews and Reliability Data
If you are in the majority by being a buyer who likes to check out reviews and do your research before parting with your money, that’s another great reason for buying a used SUV over a new one.
When you buy a new model SUV, you’re venturing into relatively uncharted territory. Early adopters of new vehicles often face the risk of encountering manufacturing defects or design flaws that haven’t been identified yet. On the other hand, opting for a used SUV gives you the advantage of accessing a wealth of information about the vehicle’s performance, reliability, and common issues.
Consumer reviews, reliability ratings, and recall histories are readily available, enabling you to make an informed decision and select a model known for its durability and longevity.
More Features for Your Money
When you are looking at a brand new SUV in the showroom the dealer tends to put the model on display that contains all the available upgrade options. When you add up the cost of putting these into your SUV you could soon move way beyond your budget. That means you might have to make compromises to keep within your financial limits.
These budget constraints can limit buyers to base models or fewer features when purchasing a new vehicle. However, when you choose a used SUV, you’re far more likely to get more bang for your buck. The same budget can afford you a higher trim level or a model with more luxurious amenities, such as leather seats, advanced navigation systems, and premium audio systems. This is because you are opting for a used vehicle that had a much higher showroom price the first time around, before depreciation brought the price down to a more reasonable and affordable level.
Buying a used SUV means you can enjoy the higher-end features that would have been out of reach in a new car purchase.
Environmental Considerations
Buying a used SUV can also be seen as an environmentally friendly choice. Manufacturing a new vehicle requires a significant amount of resources, including raw materials and energy. This process often generates considerable emissions.
By purchasing a used SUV, you are essentially extending the life of an existing vehicle, reducing the demand for new vehicles and, consequently, the environmental impact associated with their production.
That’s not all, by keeping an older vehicle on the road for longer you can contribute to waste reduction, as it delays the vehicle’s entry into the recycling process or landfill.
While the appeal of a new SUV, with its latest features and the promise of being the first owner, is undeniable, the advantages of purchasing a used SUV are far more compelling.
From significant savings due to reduced depreciation and lower insurance costs to the benefit of having access to extensive reliability data, the choice to buy used is worth considering. The used SUV market offers options that can meet and even exceed your expectations, making it a smart avenue to explore for your next vehicle purchase.
All things considered, why would you want to buy a new SUV when you can set so much more for your money in the used market?
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