Every Henrico driver has to make a critical decision when planning their next vehicle purchase: will they buy new or used? While buying a new car is a straightforward process, buying used presents some extra challenges. That said, a used car can be a much more cost-effective option in today’s market.
If you’re leaning towards buying a used model, Rick Hendrick Chevrolet Buick GMC Richmond’s Used Car Buyer’s Guide is here to help make navigating a pre-owned car purchase simple. In this guide, our team of experts goes over what to look for when buying a used car, what’s considered good mileage for a used car, and all the steps you should take after you buy. Find all the information you need about purchasing a used vehicle below and start your search for your next new-to-you car, truck, or SUV with confidence!
Is it Better to Buy a New or Used Car?
Before starting your search for a used or certified pre-owned model, it’s important to make sure that you’re making the right decision for your transportation needs and budget. Weight the pros and cons of new cars vs. used cars below to determine which will work best for your situation:
New Car Advantages
- Latest Technology: Buying a new car allows you access to some of the most advanced technology on the market, from driver-assistive safety systems to connectivity suites. Since manufacturers are constantly updating their technology, even a model that’s a few years old can feel dated.
- Better Fuel Efficiency: With fluctuating gas prices and more electrified options becoming available, fuel economy is the name of the game in the current automotive industry. New vehicles will be much more fuel efficient than their predecessors, with every new model year seeking to squeeze more mileage out of the tank.
- Full Warranty Coverage: New vehicles typically come with bumper-to-bumper warranty coverage, protecting everything from your powertrain to your in-car electronics for a certain number of years or miles.
New Car Disadvantages
- Higher Cost: New cars come with plenty of perks but they also come at a price. Your new car, truck, or SUV will be more expensive than any used or CPO models and, once the warranty expires, may be more costly to maintain due to their cutting-edge technology and electric systems.
Used Car Advantages
- Lower Costs: The biggest benefit of choosing a used or certified pre-owned model is the lower upfront cost. Pre-owned models have lower sticker prices, fewer taxes, and are cheaper to insure, making them cost-effective and easy to fit into a variety of budgets.
- Slower Depreciation: Once a new vehicle drives off the lot, it immediately begins to depreciate. This depreciation is steep for the first few years of the car’s use and slowly flattens out. By buying used, you skip the major depreciation period, allowing you to maintain the value of your vehicle for longer.
- Less Chance for Negative Equity: Thanks to the low costs and slowed depreciation of used models, Glen Allen drivers have less chance of ending up with negative equity or owing more on their vehicle than the vehicle is worth.
Used Car Disadvantages
- Higher-Cost Financing: The upfront savings opportunities on pre-owned cars are significant, but taking out a used car loan can be pricey. Lenders tend to charge higher interest rates on loans used for pre-owned models, leading to higher monthly payments. That said, the loan term for a used car is much shorter than that of a new one, so you’ll still be saving in the long run.
What to Look for When Buying a Used Car
Does a used car sound like the right option for you? If it does, it’s time to consider what to look for when buying a used car! Follow these steps to discover what you need from a used car and the process of buying one from a dealer:
- Set Your Budget & Stick to It: There is a difference between the cost to buy and the cost to own. Factor in not just the car’s sticker price, but the expense of future repairs, new tires, service, and interest paid if you finance your vehicle. Most personal finance experts recommend budgeting for a monthly payment that doesn’t exceed 10% of your monthly income.
- Find the Right Used Car: Your next vehicle should match your transportation needs and the budget you set. Compile a list of vehicles you’re interested in and compare that to what’s available online or at the dealership. Then, check reliability reviews from reputable websites like Edmunds or Kelley Blue Book.
- Test Drive & Inspect Models: Once you’ve found a model you’re interested in, take it for a test drive in Richmond! While you’re on the lot, thoroughly inspect the vehicle and, if possible, take it to a professional mechanic for a more detailed inspection.
- Explore Used Car Financing & Warranty Options: Ready to sign on the dotted line? Explore all your loan options, warranty coverages, and potential incentives with our finance team to ensure you get the best deal on your pre-owned model.
What to Ask When Buying a Used Car
Before you commit to any vehicle, you’ll want to get a good idea of what kind of condition it’s in. Here are some questions you should ask when inspecting and test-driving a used car you’re interested in:
- Are there any current recalls on the vehicle?
- What is the ownership history?
- Do you have the title in hand?
- Is the vehicle history report available?
- Is there a history of maintenance?
- What is the vehicle’s mileage?
- Do the amenities and features work like they’re supposed to?
- Is the car as is, or is it under warranty?
- Can I take the car to a mechanic for an inspection?
- How was the vehicle priced?
- Does this vehicle affect your insurance premiums?
What Is Good Mileage for a Used Car?
One of the factors that Goochland drivers use to narrow down their vehicle search is mileage. Still, with drivers consistently putting an average of 10,000 – 12,000 miles on their car each year, it begs the question: what is good mileage for a used car? Unfortunately, there’s no clear-cut answer since so many other factors affect a vehicle’s overall condition. Even cars with 100,000 miles or more on the odometer may have several years of life left to give– and at a bargain price point!
Here are some of the other factors you should consider in addition to mileage to get a better idea of a vehicle’s overall condition:
- Usage: How has the car been used? A car with 75,000 miles in stop-and-go traffic has gone through much more wear and tear than one driven mostly on highways.
- Location: Where was the car driven? Dry, warm climates are easier on vehicles. Extreme cold and heat can accelerate the wear process, especially in humid and wet climates.
- Maintenance: Has the car been properly maintained? An irregular maintenance history can be a warning sign, while a well-maintained vehicle can be a big plus.
- Condition: What is the car’s condition? A certified mechanic can help you determine whether or not there are costly issues that you might not notice. Some of these issues may be acceptable to you, but you’ll need to factor repair costs into your budget.
With all these elements, it’s easier to get an idea of what condition the used vehicle you’re looking at is in. For instance, if you have a used model with 80,000 miles on the odometer, a thorough maintenance history, and was driven in a warm, dry climate, it may be a better deal than a vehicle with 20,000 miles with no maintenance history that was driven in stop-and-go traffic.
Take These Steps After Buying a Used Car
After you’ve found a used vehicle that checks all your boxes, it’s time to complete the purchase! Before leaving the lot, though, there are a few additional steps after buying a used car you should take to ensure you have everything you need to drive safely on the Ashland roads:
- Get Insurance: In order to drive anywhere in your new-to-you car, it needs to be insured. Don’t drive home without buying insurance for your new ride!
- Transfer the Title & Register the Car: If you buy a used or certified pre-owned model from Rick Hendrick Chevrolet Buick GMC Richmond, our team takes care of this step. If you buy a model from a private seller, you’ll have to take the title and registration into the DMV to have it transferred into your name.
- Check for Recalls: If you forgot to mention this during the initial inspection and test drive, research your vehicle now to find out if any recalls have ever been issued.
- Choose a Mechanic You Trust & Schedule Service: Your used car will likely need a few minor repairs or part replacements. Choose a mechanic you can trust, like Rick Hendrick Chevrolet Buick GMC Richmond’s service team, and bring your vehicle in for a tune-up! You can even schedule service appointments online for a simple, convenient maintenance visit.
- Review the Owner’s Manual: Familiarize yourself with your car by reading the owner’s manual. The manual can give you insight into unique features and amenities your pre-owned car offers, as well as give recommendations for service schedules and parts.
Shop the Used Cars for Sale at Rick Hendrick Chevrolet Buick GMC Richmond!
Now that you know more about what’s considered good mileage for a used car and what to look for when buying a used model, you’re ready to start the process with Rick Hendrick Chevrolet Buick GMC Richmond! Browse our inventory of used and CPO vehicles in Richmond to find a car, truck, or SUV that’ll meet your unique needs. Have any questions or want to schedule a test drive? Contact us online or at (844) 415-1110! Our team is on standby to help you find your next pre-owned car at Rick Hendrick Chevrolet Buick GMC Richmond.
