When it comes time to buy a new truck, it’s easy to start getting excited, and you should. However, it’s important not to jump the gun. Take a minute to think about your options.
While a lot of people enjoy the idea of buying a brand new vehicle, there’s a lot of downsides to buying new. One the other hand, buying a used truck is safer than ever and comes with incredible benefits.
Buying used is a more viable option for most people and can save you a ton of money in the long run. However, that’s just the tip of the iceberg.
Keep reading to find out more.
The Top Benefits of Buying a Used Truck
There’s a long list of benefits to buying a used truck. We have broken it down into eight categories to sum it all up.
To fully enjoy these benefits, however, you need to think about what kind of truck you want and what you’ll be using it for. You also need to know your budget well – what can you afford and will you put a payment down? Once you’ve got these items figured out, you’re ready to start truck shopping!
Now, check out all the ways you’ll benefit from buying a used truck.
1 Save Big on Depreciation
Did you know a new car’s value depreciates 20-30% in the first year alone? That means a $40,000 truck is could be worth just $28,000 by the time you’ve got it broken in. That’s a lot to pay for the new car smell.
Unfortunately, the value drops drastically until about year five, where it is only worth about 40% of its original value.
We’re not saying you have to buy a car that’s more than five years old, but you definitely don’t want to buy brand new. Let someone else take the depreciation hit for you, buy a one-owner used vehicle that’s a couple of years old. It’ll be in prime condition and you won’t be throwing thousands of dollars out the window.
Alternatively, you could buy even older and save even more.
2 More Options
Buying a used truck also provides you with more options than if you were buying new.
A brand new, fully-loaded truck can cost up to $80,000. A few years down the road, that same truck could be much closer to your price range. You still get all the special features and luxuries, they’re just a few years older.
Alternatively, you would have to compromise significantly on features and luxuries to buy new while keeping costs down.
3 Lower Additional Costs and Fees
There are a few additional expenditures most people don’t think about when buying a car.
In order to be legal on the road, you need liability insurance. However, most of us choose to have comprehensive insurance as well, which covers damages, repairs, or replacement in non-collision accidents.
Both types of insurance can be quite spendy for new trucks. The more valuable your truck is, the more your insurance company would have to cough up to cover costs of damages. This, in turn, means you have to pay more.
Additionally, some states use factors such as age and value of a vehicle to determine how much registration will cost. As an owner of a brand new, $80,000 truck, that’s bad news.
Buying a used truck helps you avoid all of these excess costs.
4 No Secrets
The great thing about our age of advancing technology is that there are far fewer secrets than there used to be. No, this isn’t a jab at the government. We’re specifically talking about used vehicles.
In many cases, you can find a used truck’s complete history report online. This includes damages, accidents, owners, leases, rentals, etc.
Additionally, a used truck also provides the benefit of extensive user reviews. You can look up the exact model and year of truck you’re considering buying and hear what owners around the world have to say about it.
5 Certified Pre-Owned
If you want to find a happy middle ground between new and used, you can also opt for a certified pre-owned truck. These trucks are refurbished by a manufacturer or other entity and certified as high-quality.
CPOs often come with warranties similar to those on new vehicles. These include bumper to bumper warranties, roadside assistance, etc. It depends on the vehicle and who certifies it.
CPOs will cost you a little more, but you get a lot for your money.
6 Less Stress
Buying a used truck also comes with a little less stress, regardless of if you’re using it as a work truck or a look pretty truck.
With a brand new truck, you’ll constantly be stressing about getting its first bump or scratch. While we’re not suggesting you’ll drive a used truck recklessly, but it won’t be as stressful if you sideswipe a low-hanging branch, open the door into a railing, etc.
7 A More Sustainable Option
Buying a used truck is also better for the environment. Even though the fuel economy in new trucks is constantly increasing, you’re better off buying used.
First, a lot of emissions are created during the manufacturing and shipping processes of new vehicles. In fact, manufacturing a new car uses as many emissions as driving it.
Secondly, recycling is one of the best efforts we can put forth to preserving our environment. Why not recycle a slightly used vehicle, rather than buying a new one and adding to the problem of waste?
8 Pay Less Interest
Finally, assuming you’re not paying cash for a new or used truck, buying used will save you thousands of dollars on interest alone.
To finance an $80,000 truck over 60 months with the average interest rate (4.21) will cost an extra $9,000 by the time the loan is paid off. And that’s assuming you don’t refinance, extend the loan, etc. On the other hand, a $40,000 used truck will cost half that much in interest, especially if you pay it off faster.
Take a Test Drive Today
If you’re ready for a new vehicle, we highly recommend taking a look at a used truck. With so many benefits and so few downfalls, it should be an easy choice!
However, if you want more advice or interesting articles on all things surrounding cars, take a look through the rest of our blog!