Buying a truck is one of those purchases that consumers love. The reason is that these vehicles take on so many roles in a person’s life. They help with work, leisure, and everything in between. Still, deciding which specific truck to buy can be difficult. There are a variety of options out there, and it can be tough to figure out which is right for you. Below, we help you work out one of these crucial decisions: Whether to buy new or used.
Upfront Cost and Depreciation
The most obvious reason why used trucks in Langley are better deals is the cost you pay upfront. Any pre-owned vehicle will be cheaper than its new counterpart, aside from ultra-luxury collectibles. To give you an idea of how much more affordable used trucks are over new ones, let’s go over a typical price difference. Generally, even cars that have under 5,000 miles will end up being roughly 20% less valuable. For a truck that costs $40,000, you will enjoy an $8,000 discount for a small amount of usage. Once that car has been driven for a year, the price will drop another $4,000 or so, for a total of $12,000 off the sticker price.
Depreciation is relevant in another context, too. While you might fall in love with your truck, there is a chance that you’ll decide to sell it just a few years after your purchase. Buying new will lead to the kind of price drops that we detailed above, which will be disappointing for you, the seller. On the other hand, those that buy used will be much less disappointed by depreciation. The reason is that the former owner takes on most of the value lost, while you front a smaller portion of it.
The primary reason why consumers are scared to buy used is the chance of getting a “lemon.” If you’ve never heard that term before, it describes a vehicle that has defects and breaks down soon after the sale. People also use it to characterize trucks that just don’t last as long as they should. Luckily, this is an issue that you likely don’t have to worry about. The truth is that automobiles are as dependable as they’ve ever been. The best of them easily last ten years or more, with hundreds of thousands of miles on their engines. This development in the truck industry means that you can confidently purchase used products.
Low Insurance Rates
One thing that consumers almost never think about is the potential insurance rates that a particular car will garner. In the case of used versus new trucks, the former will be cheaper every time. What makes this expense so important is that you’ll be paying that bill each and every month. The result is that a relatively small difference in coverage could end up being worth thousands over the lifetime of the vehicle. Your better bet is choosing used and enjoying the savings that come with it.
Getting a Superior Vehicle
When you buy a truck, you don’t need to choose between a new and used version of just one model. Instead, you can stack different trucks and ages against each other before making your choice. What you might find is that you can get a superior used vehicle for the price of a new, inferior model. In this case, you might end up with a longer truck lifespan because you obtained a more reliable machine.
If you have a big chunk of cash and want a truck that is 100% yours, buying new might be a good idea. For the rest of us, used is almost always going to be the better option. The reasons come down to the points we listed above, each of which provides a significant financial incentive. Once you make this decision, you can move on to buying the perfect truck for you.