Times have changed, and buying used stuff is no longer a status problem. More and more people are open to the idea of making financially wise decisions – like an old car.
There are several online platforms to make the search process easy, too. For example, cars4.bid offers you a variety of salvage cars to bid on and get the best price point.
However, this matter isn’t free from misconceptions. You must have heard those discouraging rumors that indicate how buying a used car is still a waste of money. Well, we did, too! That’s why we have debunked the six most common misconceptions about used cars in the post below. Read more!
Used Cars Always Have a Major Issue
When we hear the term “used car,” the first thought that comes to our mind is – oh, it must be damaged. Maybe it’s the engine, brakes, or documentation? We are quick to assume that people are selling it because of a major issue. But that’s not true.
People sell cars for different reasons. It may be because their family just got bigger and they require a bigger vehicle to travel together. Or, maybe they are moving abroad and are in urgent need of money. So, don’t jump to conclusions. Instead, visit the car and inspect it to rule out the possibility of it being damaged.
Used Cars Aren’t Reliable
This really depends on the condition of the car. If the car is too old and too damaged, it’s fair to say that it isn’t reliable. But there are also cars in the market that were either used for a few years or were used very carefully. So, their condition is really good.
You will also find models that were released a couple of years ago. They still have the latest safety features like rearview cameras and parking sensors.
Used Cars Don’t Get Financing
Banks offer financing options for both used and new cars. In fact, you can get great financing deals on old vehicles. This is because banks don’t care whether you’re buying a used or new car. They only consider your credit score, loan period, and downpayment. Some banks may even help inspect the car documents to ensure you’re making a safe deal.
Used Cars Cost a Lot in the Long Run
Many people believe that used cars are high-maintenance cars. You must spend generously on repairs to keep the car working. This is not always true. If you’re mindful of what you purchase, a used car won’t cost you much. It will only require the monthly checkup that every car needs.
Used Cars Never Have a Good Mileage
Mileage refers to the number of miles a car has traveled. So, it’s a good indicator of how much the car is worn out. On average, a car’s annual mileage is 10,000 to 12,000. This means a car used for two years should have a mileage of 20,000 to 24,000, and a car used for five years should have a mileage of up to 60,000.
If a used car’s mileage is higher than what its average should be, it’s a bad deal. But this is not always the case. Some cars are used occasionally, and so their mileage is lower than the average – making them a good buy.
Used Cars Have Poor Resale
It’s true that you can’t sell a used car for more than what you bought it for. There’s no way you can profit from it. However, this doesn’t mean it has poor resale either.
The resale value depends on how well-maintained your car is. So, if you take good care of the used car, you can always sell the car for the same price and get all your invested money back.