The Benefit of Buying Used Cars in Richmond, Va

There are no smudges on the glass. There are no key scratches on the driver door; no Cheerio’s buried deep within the crevasses in the seats. It is a wonderful feeling to drive off the showroom floor with a brand new vehicle. While you drive the first 100 miles, your brand new Ford Focus drops in value by $3000. Depreciation and hard credit checks are the new car industry’s dark secrets. What most new dealerships aren’t revealing in Richmond Va is that the Ford Focus you just purchased and drove off the lot will depreciate between 20 and 30% by the end of that year. Over the first three years of ownership, the vehicle will depreciate by 45%. After the first three years, this rate begins to taper off. The risk of buying a used vehicle is the possibility of more mechanical fixes. The money saved in depreciation from purchasing a used vehicle instead of new often exceeds the total of mechanical fixes.

If the buyer of the new Focus went to sell their vehicle three years later in Richmond Va, the owner finds themselves asking for a price $15,000 less than the price they paid for. However, if they purchased a three year old Focus and sold it three years later they would only see a $2,000 difference. The benefit of used cars is that the buyer will get more money back at resale. Vehicle value is extremely significant in the event of an accident as well. Despite the buyer paying $28,000 for the Focus, an insurance company will only pay for the value of the vehicle at the time of the accident which could be $25,000 just a month later.

Another consideration when car shopping is the risk to one’s credit. Whenever a potential buyer attempts to secure a loan, the finance company runs a hard inquiry on the potential buyer’s credit. These hard inquiries often drop the credit score which can result in higher interest rates. What does this mean for you as a buyer? It means that used vehicles might be a more economical buying decision. Purchasing a used vehicle will often be cheaper and when purchasing from Buy Here Pay Here, will spare the buyer’s credit. The benefit of purchasing from Buy Here Pay Here dealerships in Richmond Va and surrounding locations is that credit is not checked. For individuals or families with credit concerns, Buy Here Pay Here can be favorable to risking their credit. Another advantage to Buy Here Pay Here dealerships is the speed of purchase. Credit checks can take anywhere from a few hours to ten days to run. Because Buy Here Pay Here does not need a credit check, sales can be completed in under an hour.

Important takeaways: Buying a pre-owned vehicle from a buy here, pay here dealership will protect your pocket and your credit!