Buying a pre-owned vehicle is a more practical and economical choice when it comes to owning a car. They are much cheaper compared to a brand-new vehicle and they offer better value. Also, in most cases, you can get your desired vehicle that might have been out of your budget as a brand-new vehicle. However, unlike a new car, owning a used one for a longer duration is not really wise. In fact, it is advisable that you replace your pre-owned car within 3 to 5 years depending on its age and condition. And here are 5 reasons as to why.
Also Read: Buying Used Cars: Things About Insurance You Should Know
Now, the reason why a used car is cheaper than a new one is that it loses a major chunk of its value within the first 3-4 years, and that's called depreciation. While the rate of depreciation certainly slows down after that, the value still keeps on falling, only at a much slower pace. Ideally, purchasing a car that's about 3 years old and selling it after driving for another 3-4 years will allow you to attain the best value for your money and returns.
Ideally, purchasing a car that's about 3 years old and selling it after driving for another 3-4 years will allow you to attain the best value for your money and returns.
Another reason to replace a used car within 3-5 years is simply that it has gotten old. Assuming you bought a used car that was 4 or 5 years old, which is the average time when a new car owner sells his/her vehicle, and you have spent another 3-5 years with it. By this time it would become old enough to start giving you frequent mechanical issues. So, it's better to sell it.
Also Read: Buying Used Cars: Simple Checks To Perform While Taking A Test Drive
Unless you, and your car's previous owner, have taken the highest level of precaution in maintaining the vehicle, a 7 or 8-year-old car is bound to start giving you issues. They start small like - a drop in mileage, engine overheating, engine oil leakage, and radiator issue among others, and grow on from there. So, if you see yourself going to the mechanic every month or two, then it is certainly time to replace your car.
If you see yourself going to the mechanic every month or two, then it is certainly time to replace your car.
The younger the car is you'll get better creature comforts with it. 5 years ago, if your used car only had halogen headlamps, a 2-DIN audio system and a manual air-con system it would have been fine. However, now, features like projector headlamps, automatic climate control, touchscreen infotainment system and others, have become more common. So, replacing an old used car with a younger model will allow you to enjoy the modern creature comforts.
A lot of important safety features like airbags, ABS with EBD, parking sensors, seatbelt reminder, high-speed alert, and even ISOFIX child seat mounts, became a part of the standard fitment in cars only in the last 3-4 years. So, if you own a car older than that, then it's possible your car is missing some of these features, which means it's time to replace it. A vehicle must have all the basic safety features even if it's a pre-owned vehicle.
