Chapel Hill drivers typically have two main choices when buying a vehicle: new or used. Buying a new car, though more expensive, is a relatively simple process, while buying used, though cost-effective, requires more research and forethought. Which kind of vehicle is right for you?
If you’re leaning towards a used or certified pre-owned model, Hendrick Cadillac Southpoint is here to assist. In our Used Car Buyer’s Guide, we go over everything from whether it is better to buy a new or used car to the last steps you should take after buying a used car. Learn everything you need to know about what to look for when buying a used car and shop for your next pre-owned model with confidence when you use this guide from Hendrick Cadillac Southpoint.
Is it Better to Buy a New or Used Car?
To start, it’s important to weigh all the pros and cons of new cars vs. used cars before committing to one category or the other. Take a look at the advantages and disadvantages of each type of vehicle and decide which makes the most sense for your situation:
New Car Advantages
- Latest Technology: Buying a new model allows you to experience all the latest and greatest technologies from your favorite manufacturers, from advanced safety systems to smartphone connectivity.
- Better Fuel Efficiency: Achieving impressive fuel-efficiency ratings is a high priority for many automakers as hybrid and electric vehicles enter the market. Buying a new car typically means better fuel economy and efficiency on the Raleigh roads.
- Full Warranty Coverage: New vehicles are covered by powertrain and bumper-to-bumper warranties, giving you extra protection and confidence for a set number of years or miles.
New Car Disadvantages
- Higher Cost: The advantages of a new vehicle come at a cost. New models are often more expensive than used or CPO vehicles, and with more electronics and advanced tech than ever, they can be expensive to maintain once the warranties expire.
Used Car Advantages
- Lower Costs: If you’re looking to stick to a budget, used and certified pre-owned models offer several ways to save. With lower sticker prices, fewer taxes, and cheaper insurance rates, a used car will cost much less upfront than a new model.
- Slower Depreciation: The moment a new vehicle drives off the dealer’s lot, its value immediately diminishes. Buying used lets you skip a vehicle’s steepest period of depreciation so you can maintain its relative value for longer.
- Less Chance for Negative Equity: Thanks to used vehicles’ slower depreciation and lower costs, drivers have less chance of ending up “upside down” on their car loan.
Used Car Disadvantages
- Higher-Cost Financing: Used cars may offer several ways to save, but lenders often charge higher interest rates on used car loans. That said, the loan will be for a much smaller amount than if you were buying new, so the loan term will be shorter.
What to Look for When Buying a Used Car
Have you settled on buying a pre-owned model car for your daily drives through Cary? Then it’s time to consider what to look for when buying a used car. You’ll want to ensure that whatever vehicle you choose suits your transportation needs, budget, and lifestyle. Follow the steps below to help you find a model that will check all your boxes:
- Set Your Budget: Take a look at your monthly finances and see how much you can set aside for your next vehicle. Be sure to include not just the sticker price but potential repairs, new tires, and routine maintenance as well. As a general rule, your monthly payments on a used car loan shouldn’t exceed 10% of your monthly income.
- Find the Right Car: With a budget set, find used cars, trucks, or SUVs that fit your driving style. Use reputable sites such as Car and Driver, Kelley Blue Book, and Edmunds for reviews on specific models and model years.
- Test Drive & Inspect Models: Once you’ve narrowed your options, find a vehicle you’re interested in at Hendrick Cadillac Southpoint! Inspect the car for signs of wear and tear and take it for a test drive around Durham to see how it performs.
- Explore Used Car Financing & Warranty Options: When you’re ready to sign on the dotted line, talk to our finance team about purchasing options, warranty coverages, and any fees or savings your pre-owned vehicle may be eligible for.
What to Ask When Buying a Used Car
When you’re inspecting a vehicle on a lot or taking it for a test drive, you’ll want to ask the seller some questions to get a complete picture of the vehicle’s condition. Some of the questions you should ask include:
- Are there any current recalls on the vehicle?
- What is the ownership history?
- Do you have the title in hand?
- Is the vehicle history report available?
- Is there a history of maintenance?
- What is the vehicle’s mileage?
- Do the amenities and features work like they’re supposed to?
- Is the car as is, or is it under warranty?
- Can I take the car to a mechanic for an inspection?
- How was the vehicle priced?
- Does this vehicle affect your insurance premiums?
What Is Good Mileage for a Used Car?
Inspecting a pre-owned model can be tough, leading many Hillsborough drivers to use mileage as an indication of a vehicle’s overall condition. The average driver puts around 10,000 – 12,000 miles on their vehicle a year, so a car with 100,000 miles or more on the odometer can scare many drivers away. However, mileage can be deceiving. Take these factors into account when looking at a vehicle’s mileage for a better understanding of its quality:
- Usage: If you can, ask for the previous owner’s driving history. A used model driven 60,000 miles in stop-and-go town traffic will have more wear than a similar model driven 60,000 miles on the open highway.
- Maintenance: Ask for the vehicle’s maintenance history. Routine service and maintenance are critical to a used car’s condition, so a vehicle with a comprehensive maintenance history will be in better shape than a vehicle with no records of service.
- Location: Find out where the pre-owned vehicle came from. A used car driven in warm, dry climates will have less deterioration than a vehicle that was driven in cold, wet climates.
- Age: Even a vehicle with extensive service history and careful driving can fall victim to age. The older a vehicle is, the more likely there are rust or mechanical issues that will continue to degrade over time.
With all these factors in mind, there is no single number that is considered good mileage for a used car. As an example, you may find a low-mileage used car with as little as 30,000 miles, but if it has no service history and is ten years old, it may not be a good buy. Meanwhile, a pre-owned model with 70,000 miles on the odometer that has a full service history and was driven in a dry climate could be your next reliable commuter vehicle. Always gather as much information as you can about the vehicle’s history and condition before dismissing it based on mileage alone.
Steps After Buying a Used Car
After you’ve found the used car for sale that meets your needs, it’s time to complete the purchase! Afterward, you’ll still have a few items to check off your list before you drive off the lot. Follow these steps after buying a used car and be on your way to driving your new-to-you model around Durham:
- Get Insurance: It’s illegal to drive while uninsured, so make sure your vehicle is temporarily or permanently insured before leaving the dealership.
- Transfer the Title & Register the Car: When you buy a used vehicle from Hendrick Cadillac Southpoint, our expert staff takes care of this step. If you buy from a private seller instead, you’ll need to gather the title and registration and take a trip to the DMV to transfer ownership.
- Check for Recalls: If you forgot to mention this during the initial inspection and test drive, check for recalls now. You’ll want to keep up-to-date with any potential issues in your vehicle and get them fixed ASAP.
- Choose a Mechanic You Trust & Schedule Service: If you need a mechanic in Durham, trust the service team at Hendrick Cadillac Southpoint! Schedule an appointment online for a tune-up to keep your vehicle running smoothly on all your travels.
- Review the Owner’s Manual: Get acquainted with your vehicle by reading the owner’s manual. You’ll likely find tips about unique features, as well as maintenance schedules and part recommendations.
Shop for Used Cars atHendrick Cadillac Southpoint!
Ready to start shopping for your next used or certified pre-owned vehicle? Then contact Hendrick Cadillac Southpoint and make an appointment at our Durham showroom! Our team will go over all the used models we have to offer, so you can find the car, truck, or SUV that’s right for you! Whatever you’re looking for, Hendrick Cadillac Southpoint is happy to help put you behind the wheel of a high-quality pre-owned model today.
