There are so many reasons to buy a pre-owned vehicle rather than new! It surprises us that more people don’t take advantage of all the benefits that buying a pre-owned vehicle offers. At Rick Davenport Auto Sales in Rocky Mount, North Carolina, we only sell certified pre-owned vehicles because we know all the advantages that buying a pre-owned vehicle brings. Learn more about these benefits and shop our broad selection of certified pre-owned cars, trucks, and SUVs today!
When You Buy Pre-Owned You Don’t Take the First-Year Depreciation Hit
The first and most important advantage of buying pre-owned is you don’t take the depreciation hit that the first owner did. When the original owner of a car, truck, or SUV drives it off the dealer’s lot for the first time, that vehicle loses about 20% of its value. It’s insane. Nothing has changed about the vehicle except that it now has an owner, which then makes it used to the next owner. Add to that first 20% of depreciation another 10% for the first year of ownership. That totals a full 30% value loss in the first year of new vehicle ownership. If your 401K lost 30% in one year, you’d consider that a disaster. Well, buyers of pre-owned vehicles never have to worry about that insane 30% loss in the first year because someone else has taken that loss. At Rick Davenport, one driver’s hit is our customer’s benefit!
Insurance is Lower for a Pre-Owned Vehicle
The second advantage of buying a pre-owned vehicle is that your insurance bill is typically lower than if you bought a new vehicle. Auto insurance rates are derived mainly from the value of the vehicle. Since pre-owned vehicles are valued lower than new vehicles, you’ll pay less money for car insurance than you would if the vehicle was new.
You Can Buy “More Car” When You Buy Pre-Owned
Another advantage of purchasing a pre-owned vehicle is that you can afford “more car.” Your vehicle-buying dollars go much further when you compare pre-owned to new. Again, because a pre-owned vehicle is valued less than a new, you’ll be able to purchase a vehicle with more luxury amenities and options.
As an example, let’s say you have $25,000 to spend on your next vehicle. A brand-new base model 2020 Ford F-150 will cost you more money than you have to spend—about $30,000. Using our first-year depreciation figure of 30%, last year’s F-150 could cost you only about $21,000. And it doesn’t even have to be the base model either. More truck, less money!
Certified Pre-Owned Vehicles Have a “Reliability Record”
Still another advantage of buying a pre-owned vehicle is that there is an established reliability history for the vehicle. If there are any common service or repair issues with a vehicle, after a few years it will be fully identified, divulged, and discussed in the automotive press. This means you’ll know if the vehicle you’re considering has any issues you want to stay away from, whether it’s a lemon or not.
Vehicle History Reports Tell the Story of Your Pre-Owned Vehicle
Along the same line, pre-owned vehicles now have a vehicle history reports that will let you know virtually everything there is to know regarding the car, truck, or SUV you are considering buying. Whenever you land on the vehicle you want to take home, you can get a vehicle history report for a nominal fee. It will tell the story of the vehicle, how many owners drivers it’s had, what states it was registered in, if it was ever in an accident, did the airbags deploy, was it involved in a flood, a fire, etc. The information you get is virtually endless and the value of that information is priceless.
Find Your Pre-Owned Vehicle at Rick Davenport Auto Sales in Rocky Mount, NC
When you’re ready to do the smart thing and make your next vehicle a pre-owned vehicle, come to Rick Davenport Auto Sales in Rocky Mount, North Carolina. “Every Ride Is Certified” at Rick Davenport and each vehicle comes with a Free 3-Month / 3,000 Mile Limited Powertrain Warranty. Our 35 years as family-owned business assures you that we only sell the best low mileage, recent-model-year vehicles so you get the best value when you buy from us. Visit us for a test drive today!