When the time comes to purchase a new or used vehicle, potential car buyers have many options available to them. Those in the market for an SUV, perhaps to use as a family vehicle or hauling outdoor adventure gear, would be wise to consider buying a used one. By only taking some time to research and explore what used SUV vehicles are out there, you can save yourself thousands of dollars.
Still not sure if buying a previously owned SUV is right for you and your wallet? Let’s take a look at five powerful reasons why those who opt for a used SUV are making a smart financial decision.
Buying a Used SUV Costs Less
One undeniable fact about purchasing a previously owned vehicle – whether it’s a car, truck or SUV, is that a used vehicle’s purchase price is less than a new one. Much less. In Canada, most new cars depreciate in value up to 30% within the first year after purchase, including sought-after SUVs.
How much can you save from buying a used SUV? To get an idea, take a look at the information below.
| SUV Model | 2021 New Model Price | Ave. 2016 – 2019 Pre-Owned Price |
| Honda CRV | $32,000 | $18,000 – 22,000 |
| Ford Explorer | $45,000 | $25,000 – 30,000 |
| Jeep Grand Cherokee | $49,000 | $30,000 – 43,000 |
| Mitsubishi Outlander | $30,000 | $17,000 – 21,000 |
As you can see, a smart way to get behind the wheel of a newer SUV for less money is to select a newer used model.
Used SUVs are Fuel Efficient
Fuel efficiency technology in the automobile industry has made impressive strides in the past decade. These advancements allow the cost-conscious car buyer to save cash at the fuel pump without sacrificing vehicle size or cargo space.
Gas-powered SUV class vehicles manufactured from 2012 and onwards tend to have similar fuel consumption ratings. While some are better than others, a full-size SUV’s fuel needs are a far cry from the gas-guzzling monoliths of decades past. It shouldn’t be too difficult to find a used SUV that will fit almost every budget and fuel economy preference.
Sport Utility Vehicles Uphold Resale Value
Purchasing a brand-new vehicle from a dealership leads to a considerable loss in resale value during the first year of an automobile’s life. However, many vehicles keep their value steady for years after that initial drive-off-the-lot drop in value.
And, SUVs are no exception. Multi-functional sport utility vehicles are largely sought after, especially if they are well-maintained and in good running condition. What this means for money-savvy buyers is this: when it’s time to move on and sell your used SUV, you’re more likely to get back more of your initial purchase price back than if you opted for a new SUV.
Warranty Options When Buying a Used SUV
Many car manufacturers honour their new-car warranty regardless of how many times it has changed hands. As long as the vehicle’s age and mileage are within the manufacturer’s warranty period, used SUV owners should have no problem making a warranty claim if needed.
Another great option to ensure you don’t accidentally pick up a lemon is to do your car shopping at a reputable used car dealership. At the Corral, we have an extensive inventory of quality used SUVs that come with a 3-month warranty. Additionally, all customers who purchase a vehicle from Howie’s Car Corral will get 15% off in our service shop for as long as they own that vehicle.
Smart Used SUV Loan Options
Used vehicle financing can be very costly if a buyer isn’t fully aware of the terms and conditions of the loan. A common misconception of used car financing is that there’s no point in shopping around for a better rate because they’re all the same. That is untrue.
It pays to shop around for the best rate you can qualify for when financing a used SUV purchase. New and used car dealerships offer different rates and loan options from one another, and some are better than others. Used car buyers in the Greater Victoria area can save themselves the hassle of requesting multiple loan pre-approvals by visiting Howie’s finance department. We shop around to get you the best rate, so you don’t have to!
Save Time and Money When Buying a Used SUV
Doing research before buying a used vehicle is always a smart decision. Once you’ve determined which used SUV you’d like to purchase, and how much you’re willing to spend, consult with a local used car expert to speed up the process. For those shopping in Victoria, BC, stop by Howie’s Car Corral for the perfect used SUV buying experience.