Time to trade in your old car?
There are important reasons to consider buying used instead of new.
“The biggest reason is the price,” said Doug McAllister, owner of Douglas Automotive in Crystal Lake. “When you buy a new car it depreciates over a very short period of time very rapidly.”
According to Edmunds.com the average new car loses 11 percent of its value the minute it’s driven off the lot. By the fifth year, it’s worth only 37 percent of what you paid the dealership.
“That’s the obvious advantage of buying a one- or two-year-old car,” McAllister said. “You eliminate taking all that depreciation on yourself, and you’ve still got a current model vehicle with low mileage and something that’s going to serve you for a long time.”
That being said, it’s important to make sure the pre-driven vehicle of your dreams is roadworthy. Douglas Automotive provides comprehensive vehicle inspections for those looking to make sure they’re making a wise purchase for their used car.
“Certainly when you are purchasing a used vehicle it would be a good idea to have it checked out by your repair shop,” McAllister said. “They can give it a good evaluation before you buy it. For $100 or less you can get a pretty thorough report.”
McAllister also recommended consulting Carfax or another reliable commercial web-based service, to receive a vehicle history report on the car.
“You’re going to be way ahead of the game buying a good 2-3 year old used car,” McAllister said. “It makes more financial sense.”
McAllister practices what he preaches.
“In 1997 I bought a 1995 Chevy Tahoe, used. It’s been a fantastic vehicle and I still have it in our fleet,” he said, “and it’s got 225,000 miles on it.”