Things To Know When Purchasing a Used SUV
During your search for a vehicle to purchase you might have considered buying an SUV because of its many advantages. Families with children, adventurers, and even businesses in need of transportation space seek out SUVs. SUVs have been advertised as the do-it-all type of vehicle because of their flexibility and adaptability. If you are looking to purchase an SUV, then you have to consider that there are a wide variety of types and uses. For example, if you are a soccer mom or a family that needs some space then you might want to consider a Chevrolet Tahoe because of its space and number of seats. Additionally, you might also consider a Cadillac Escalade if you want space, seats, plus some luxury.
New or Used?
Well, when it comes to deciding if it is better to purchase a used or new SUV then we need to think about three key factors:
* Condition of vehicle
* Resale value of the vehicle
It is common knowledge that a vehicle of any type typically loses around 19% of its value during the first year. When you think about how much value is instantly lost, then you start to understand that it might be worth it to buy a used car that is not too old so that you can enjoy the best of both worlds (low price and comfort). The next point to consider is the condition of the vehicle. Yes, it is commonly believed that a used vehicle might not be in the best condition and that is the reason why spending much more on a new SUV is worth it since the vehicle is a medium to long-term investment. This is why the sweet spot for buying a used SUV is when it is two to four years old. When you purchase an SUV that is only three years old, you are maximizing the value of the vehicle because it has up to date technology and already depreciated at the fastest rate (you bought at the right time).
Buying the vehicle at the right time takes us to the third key point to consider - resale value of the vehicle. When you buy at the right time you are guaranteeing that you are gaining most of the benefit from the buy, and that already puts you ahead when it comes to reselling the vehicle because you did not lose a lot of money from depreciation. It is highly recommended to buy SUVs made by brands that have a high resale value such as Toyota, Ford, Jeep, and Chevy.
Now that you see the benefits of buying a used SUV, you might be considering what you need to do to make it happen. The steps are relatively simple, and all you need is a bit of preparation:
1. Check your credit score and make sure you qualify for a reasonable interest rate. Remember, even if your credit score doesn't seem great and you have had credit issues in the past, in-house financing or subprime loans might help you get financed.
2. Take out a sheet of paper and write down your monthly budget. With all the information in front of you, consider what you can afford without causing a hardship for yourself.
3. With credit score and budget in hand, now it’s time to look for what SUVs are in your range. This step sounds simple, but it is one of the most important because if you rush into a decision, then it can hurt you in the future. During this phase of the research, it is essential to ask yourself what is the reason for buying an SUV. Do you need a compact SUV that is great for metro areas and downtowns? Or do you need a luxury SUV that offers certain comforts?
Now that you have an idea the type of SUV you are looking for, here are some examples of the best SUVs per category:
* Nissan Murano
* Toyota Highlander
* Mazda CX-9
* Toyota 4Runner
* Hyundai Santa Fe
* Chevrolet Traverse
* Chevrolet Tahoe
* GMC Yukon
* Toyota Sequoia
* Lexus RX 350
* Acura MDX
* Cadillac Escalade
Hopefully, by now you have all your research competed to go to the dealer with an idea of what you want. This is where the technical details come into play. When you buy a used SUV it is critical that you verify the following:
* Is the SUV still under warranty?
* Is the SUV certified? A certification offers an extra layer of safety because it means the SUV was subject to a quality checkup of the vehicle.
Follow the steps above, and you can feel safe when you purchase your used SUV. Just remember to research before actually going into the lot so you can be ready and knowledgeable when you are offered a deal.
Best of luck on your search!