Today the Snead Clan is embarking on a new adventure: purchasing a used vehicle. For three years we have leased a Ford Fusion. Since the leasing of that vehicle, we have since had a child and increased our responsibilities (i.e. purchased a new keyboard and picking up kids for the youth group at church) and now we really need the room to move around.
The mileage going to and from the church was also killing us…so bad that I won’t even reveal how badly we went over our miles. We were essentially left with no choice but to purchase used. Thank goodness for our credit union, who happily pre-approved us for a vehicle loan.
And to think we thought getting approved was the hard part. Shopping for a vehicle can be difficult as well. We learned during this experience that high mileage vehicles while not the best option is most certainly not the worst. In fact, because of the current state of the economy, many people are opting to purchase vehicles with high mileages instead of leasing or buying vehicles with lower miles. The reason for this is because of the extended warranties offered and many dealerships are going the extra mile to fix up a vehicle for sale.
According to Cars.com, the advantages of purchasing a used car are endless:
- increased choice: Both new and used-car dealers are feeling the side effects of a tough economy. The positive side of this is that consumers win in a bear market; as dealerships close prices of large, used SUVs and even midsized cars are down, and there should be more vehicles on lots due to slowing sales.
- improving reliability: Although used vehicles typically don’t carry the same warranties as new ones, the original factory warranty on a new car is transferable to a second owner, usually at no charge. Buyers of certified pre-owned cars from an authorized dealer can purchase a late-model used car with the original warranty and then choose to add to it. The combination of a glut of late-model used vehicles, the greater reliability and durability of vehicles, and the availability of warranties make buying a used car less of a gamble.
- just like new: Another trend that makes buying used a better option is the proliferation of certified pre-owned programs. The idea started with luxury brands such as Lexus and Mercedes-Benz and has become a popular alternative for car buyers.
Now that we have a used car, we have time to focus on a new topic, like putting gas in it!