Should You Buy a New or Slightly Used Car in 2022?
Buying a new ride for yourself means ticking off your checklist. Experts say that you should spend 10%-15% of your income on transportation, repairs, car loans, fuel, etc. New cars are great in terms of technology, color, warranty; but you need to save a large amount of money for that. Buying a used car means saving 20% or more money than on a new car. At Fine Tuned Auto, we provide a used car warranty, customization, best price & auto repair services in Toronto and nearby areas.
What is a slightly used car?
A slightly used car is a car that is a pre-owned vehicle of the previous model car. While a new car has top-notch technology, various color options, very few miles on the odometer, and of the current year model. You should always purchase models of the same generation so that you don’t miss out on the latest motor technology and aesthetic appeal of the car; unless you want the vintage look and feel.
Inspection checklist for a slightly used car
At Fine Tuned auto, we made an inspection checklist to provide the best deal in your budget.
Exterior & tires
- Crack-free windshields.
- Truck & driver seat lock and unlock with a key.
- Tires are of a reputable brand and of the same brand.
- Paintwork is not compromised.
- Hazard lights, headlights, and directional signals work properly.
- Extra tires are inflated.
- Dent and scratch proof.
Engine and suspension
- Corrosion-proof batteries.
- The engine does not reek while driving.
- The emission of the exhaust pipe is clear.
- No creaking sounds.
- Oil filler is not coated with black tar.
- Ac & heater works.
- Seats are crack-free and clean.
- Windshield wiper, sunroof, fluid, car alarm- all work.
- All doors and trucks open and close freely.
- No dashboard warning lights.
Steering and brakes
- Steering is straight & doesn’t move to one side when the brake is applied.
- The vehicle moves straight when the brake is applied.
- No shaking or vibrations.
- Wheels don’t lock when anti-lock brakes are applied.
- No resistance in the steering wheel while turning.
- Every gear shifts smoothly.
- The fluid is clean.
- No slips or delays while transmission.
- No grinding noise while in reverse.
Tips for negotiating used car prices
- Arm yourself with current information such as what price other buyers are paying for that car.
- Let the salesperson start the negotiation because it could be less than what you are willing to pay.
- Always make a counterfeit offer. If the counterfeit offer of the dealership is high; leave slowly to let them make a prompt offer.
- Keep the deal simple and stick to the price of the car, do not add a free maintenance plan.
- Don’t take words for a final deal. The deal should be translated onto paper as well.
- Don’t negotiate with salespersons who intimidate or belittle you.
- Be ready to leave if negotiation isn’t making progress.
Pros & cons of buying a new car
Let’s discuss the pros first.
- Warranty: you can get two warranties: one, manufacturer’s warranty that either covers 3 years or 60,000 miles or 10 years meaning a 100,000-mile powertrain. Two, the car dealer’s warranty extends the manufacturer’s warranty.
- Lower interest rate: Federal Reserve has historically decreased auto loans.
- Updated technology: Newer vehicles come with navigation systems, departure warnings, collision avoidance systems, self-parking. While an old Cadillac may be swoon-worthy, the newer version has its own perks.
- Insurance: Insurance premiums are based on the age of the driver and the vehicle.Newer the car, the higher the premium whether or not full coverage or liability. All dealerships will require you to pay for full coverage until the full payment of the car.
- No returns: while real estate investment brings definite profit a few years down the line. A new car brings no profit whatsoever.
- Depreciation: Experts say that a car loses 11% of its value by the time you drive it out of the lot. In 5 years, the car will be worth 40% of the original price you purchased for. It’s even worse in the case of expensive cars.
Pros & cons of buying a slightly used car
- Lower price: Buying a used car means you get to take advantage of the depreciation in value of the car. You can even pay for the car in cash or can pay off the down payment in a single time.
- Smaller loan and quicker payoff: It’s only logical that you can purchase used can in a smaller loan with a lower interest that you can pay off in a small period of time.
- High quality: continuous improvement in technology and model resulted in a great number of used cars that can top 20,000 miles.
- Reliability: Older the car, the less reliable it will be. If the dealer’s warranty is over, you have to repair it again and again. Reliability also depends upon the previous driver’s driving practice.
- Private party purchase without warranty: unless the used car has a manufacturer’s warranty, purchase from a private party means missing out on protection on mechanical and electrical faults. Though dealerships do offer a warranty on used cars.
- Limited options: while buying a used car you have to be flexible and shop around what’s already offered in the used cars. You can do customization on them later.
Buying a used car can be challenging and you may be duped if you don’t negotiate well. At Fine Tuned Auto we offer stealing prices, car maintenance services, warranty, customization. For an auto repair shop near me and to get a free quote, visit our website today.
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