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New or Used: The Ups and Downs of Buying a Used Car
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Every year used cars outsell new cars by one-third, in Canada, and over one million used cars exchange owners in Ontario. Buying a used car can be a cost-effective way of getting transportation, as long as you are getting a good deal. Not sure whether you want to purchase a new or used car? Read through the Ups and Downs of buying a used car and weigh out your options before you make a decision.

The UPS
  • Many more recent models are available to purchase – Cars from 2001-2003 are in great supply. There are a variety of classes and features within each model, a bigger selection of cars to choose from, that will fit your lifestyle, and appeals to your taste. In fact, used buyers now have as many options as new buyers.
  • Get money back, in the future - If kept in good condition, the values of used cars tend to depreciate much more slowly than new cars. Particularly after the first year, the value of a new car drops drastically. That means if a few years down the road, you want to trade-up to a newer car, you may get more return on your purchase.
  • More bang for your buck – Modern cars are becoming safer and the price of used cars is more affordable than that of new vehicles, so you may be able to afford features and models previously out of your price range. A relatively new used car may also be still covered by a manufacturer’s warranty whereas older cars will most likely be covered by the dealer, not the manufacturer. In addition to this, the styles of newer models created by car manufacturers are similar minus slight modification, typically to the interior, so you can buy a car that looks like the newest model at a fraction of the new car price.
The DOWNS

  • You have to be much more particular - The condition of used cars can greatly vary, so you have to be certain of the options you want and need in order to get a vehicle to fit their lifestyle. There are a number of factors you have to take into account. See Buying a Used Car for the types of things you need to look for. Other things such as odour, colour and interior fabric may also be an issue when looking for the model you want with the exact features you want.
  • You don’t have the same customization options – Although there are a multitude of different cars to choose from, there may not be a car with all your ideal specifications. It may contain interior features that you would love, but the exterior colour may be navy blue, not black. The majority of used vehicles are in tasteful colours and many have a range of features and functions. However, make a list of the most important specification you need. It may take longer to find the right car, but you can do it economically and nothing is worth having without some compromise.
  • “Friendly” Sales staff – There are still many buyers out there who loathe the thought of dealing with a slick used car salesperson. Going through an online referral service can save you from this experience and you take control of the purchasing process. With the growth of online purchasing, and the increase of dealerships that sell both used and new vehicles, used car dealerships recognize this increase in competition. They have learned to cater to the needs of customers, and a majority of today’s used car dealership salespeople are high caliber and professional, on par with new car dealerships.
The last tip we offer is to do your research. Know what you are looking for, research prices, models, companies and the type of features you want, so that you are not taken advantage of. Make your best judgment from your own research as of whether to buy new or used. If you decide to purchase a used vehicle, check out our Buying Onlinefor some tips on what to look for. Happy Hunting!


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