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4 Myths Regarding Buying Used Vehicles

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Buying a car, truck, or sport utility vehicle can be a tedious process. From searching through the multitude of different vehicles to making the actual purchase, it is easy to see the challenges. While most people feel buying a new vehicle is easier and more affordable in the long run, purchasing used offers enormous benefits that most people do not realize. By debunking these common myths, you will learn if buying a used car, truck, or SUV is right for you.

Used Cars Are Not Reliable

One of the most common misconceptions about buying used is that they are not reliable vehicles. Fortunately, this is a misconception that needs to be addressed immediately.

Today, many manufacturers design vehicles to last well into the 100,000 or 200,000 mileage marks. Of course, regular maintenance and safe operation are essential tasks for ensuring a vehicle lasts and remains reliable for many years to come.

Although some used vehicles will no longer have manufacturer warranties, buying used does not necessarily mean you are buying an unreliable vehicle.

Vehicle Reports Are Not Necessary

If you are buying a new vehicle, you will not need a vehicle history report. However, many buyers feel this report is not needed if they are considering a used vehicle that looks and drives like it is in good condition. This is definitely a myth, since ordering a vehicle history report is imperative for determining if the vehicle was ever in an accident.

When purchasing a used car from a dealer, make sure they offer this report for free. If you are buying from a private party, the seller should provide the report to you. If not, make sure to invest in one before making any deals.

A vehicle history report will not only show if the vehicle has been involved in an accident. Investing in this report will also show if the vehicle was stolen, flooded, or in need of a repair due to a recall from the manufacturer.

Used Vehicles Are Not Valuable

Many factors are used to determine the value of a vehicle. The type of vehicle, make and model, condition, and mileage all play an important role.  Unfortunately, most people do not consider buying a used car because they feel it will lose value faster than a new vehicle. This is also a myth.

While there are so many factors that come into play with a car's value, you can expect to save a few thousand dollars when buying used. Consider choosing a specific make and model of vehicle and investing in a used version that is a few years older to save money.

Buying Used Requires Cash

You may consider buying a new car because there are so many rebates and financing incentives. These are great opportunities for you to save money on buying or leasing a new vehicle. However, you can also take advantage of low interest rates if you want to buy a used vehicle.

If you have extra cash, using it to purchase your used car is smart, but you can hold on to your cash and finance a used vehicle. Today, more and more banks and credit unions are offering incentives to use their loan services on the purchase of used cars, trucks, and SUVs.

If you have a long-standing relationship with a bank or credit union, consider asking them about loan options. Since you already are in good standing with your bank, they should offer you the best deal.

With proper understanding, you can buy used vehicles in a timely and affordable manner. Learning the truth behind these common myths will help you make a smart purchase.