Some aspects of modern life make everyday living so much easier. For instance, can you imagine a world without your smartphone? It’s a telephone, calendar, messaging device, GPS navigation system, calculator, banking tool and more. It’s funny to think that an invention that simply didn’t exist twenty years ago has now become such a quintessential tool in our daily lives.
Our modern automobiles can be considered in a similar light. Whether you’re buying a new or old vehicle, owning your own car can help keep you ready to move, allowing you to get from Point A to Point B with minimal fuss. And whilst buying a new car can be exciting to say the least, you may find that buying a pre-owned vehicle feels more economically savvy to you.
Sadly, there are lots of myths zooming around out there about the ‘dangers’ and ‘pitfalls’ of purchasing a used car. Thankfully, we’re going to try and dispel six of these pesky myths today, so that you can buy your next secondhand vehicle with the utmost confidence.
Myth #1: Comprehensive insurance “isn’t worth it” for a used car
You might’ve heard this myth being bandied about – that comprehensive car insurance isn’t worthwhile for a used car. But in truth, this really depends on the value of the used car itself. For instance, an ex-display used car might still be worth over $50,000, depending on the make and model. And it goes without saying that you’d want to invest in the best comprehensive car insurance policy to make sure that that $50,000 investment is well-protected.
The same applies to a used car without too many kilometres on the clock. If the mileage on your used car is still relatively low, then you can consider your car to be of significant resale value – that is in comparison to cars with higher mileage. Investing in comprehensive car insurance for a valuable used car is well worth it.
On the other hand, if your secondhand car is only worth a few thousand dollars and has upwards of 200,000 km on its odometer, then footing extra insurance costs or paying for a higher premium probably isn’t worth it, and you’d be better off opting for third-party insurance. At any rate, however, it’s always well worth considering investing in a complete insurance package for your car, as having adequate cover can help protect you financially in the event of a motor collision.
Myth #2: A used car will be a lemon
This is another myth you might’ve heard. Some folks will warn people away from the used car market because they personally bought a lemon. And while this is certainly a possibility, there are several steps you can take to avoid buying a lemon.
For instance, buying a used car with an extended warranty is a great way to avoid taking ownership of a dodgy automobile because you can always bring it back to the manufacturer for warranty repairs. Another way to avoid buying a lemon is to buy a reputable brand with high-rated reviews. For instance, most Japanese makes like Toyota RAV4 models or Honda Civics, have a solid reputation for reliability.
It’s also worth arranging a pre-purchase inspection on the used car you’re interested in. A qualified mechanic can come and inspect the car and provide a report on its mechanical condition and suitability. The report may find nothing of note, or perhaps it may find some easily rectified issues or significant problems. Regardless of what the report does reveal, by simply getting it done, you can equip yourself with everything you need to make a well-informed purchasing decision.
Myth #3: Used cars have poor resale value
Truth be told, this myth has an element of truth to it. All cars are depreciating assets. That age-old adage that a new car depreciates by thousands of dollars as soon as it drives off the lot is actually as true as it is ridiculous. But this adage naturally doesn’t apply to vintage cars or limited edition models.
Any auto fanatics know that some car makes and models retain excellent resale value even years after their first owner sold them on. And this actually doesn’t even apply to just vintage cars either! Market conditions can also dictate how much you could feasibly sell your used car for when the time comes.
For instance, there was a shortage of used cars during the pandemic years, which resulted in the resale value of secondhand automobiles reaching great new heights. And some car models are still in high demand due to these ongoing global shortages. So it’s well worth doing a bit of independent research in order to find a car model that still boasts excellent resale value.
Myth #4: You need to pay cash when buying a used car
This next myth may be true if you’re buying from a private seller who will only accept cash payments. However, if you’re shopping for a used car at a dealership or yard, then rest assured that they’ll be likely to accept various types of payments, which will allow you to maintain an electronic record of your purchase.
A bank transfer is quite common these days. Or, you might be financing the purchase of your used car, in which case your bank or selected lender will help facilitate by making the remainder of the payment after you’ve put down your initial deposit with them.
Myth #5: Used cars are unsafe
One other very prevalent myth is that used cars simply aren’t as safe as modern, high-tech cars that are fitted with digital safety technologies. While this may be true for older models with little to no safety features, there are still plenty of newer used cars with high ANCAP safety ratings.
If you do feel more comfortable ensuring that your family has access to the latest vehicle safety features and technologies, however, then that’s perfectly reasonable, and a valid justification for selling your car after just a few years of ownership. In fact, it’s already a common practice to upgrade your cars every few years, just to ensure that your current vehicle model is still very safe.
In doing so, you can take full advantage of newer safety features like automatic emergency braking systems, lane drift detection, and reversing and parking cameras, just to name a few.
Myth #6: Used cars aren’t fuel efficient
Finally, another myth that you can expect to hear more and more today as drivers contend with the rising cost of fuel, is that used cars are less likely to be eco-friendly and fuel efficient. And once again, this is a myth with some element of truth. Older car models are more likely to have poor fuel efficiency, using lots of fuel for a short distance.
However, car manufacturers continually improve fuel economy with every generation of a vehicle series. Because of this, newer used car models can have excellent fuel efficiency. And if you’re looking to buy an electric vehicle secondhand, then you can safely assume that that used car will have better fuel efficiency than any newer model with a traditional combustion engine.
And that raises another valid point: fuel efficiency is dependent on the make far more than it’s dependent on the age of a car. So it really pays to do a little research here too, and look up fuel efficiency ratings for all the shortlisted car models that you’re looking to purchase to use as your next personable automobile.
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And there you have it – six common car myths busted! With all this information at your fingertips, you should find it easier to conduct the search for your next secondhand vehicle. Just be sure to do your due diligence by scheduling a pre-purchase inspection and reading up on the vehicle make and model prior to purchase. That way, you can help yourself avoid buying a lemon and instead, drive away in a car that’s speedy, reliable, and likely to provide a great return your investment.
