Friday, July 17, 2020

Top Benefits of Getting Last Year's Car Model

When many people think of their next vehicle, they think that the latest is the greatest. While this might be true in some cases, there is something to be said for getting a car model that's already spent some time sitting on the lot. 

If you're willing to buy last year's car model, you could realize multiple benefits that will make it more advantageous than buying a vehicle from the current model year. To see if this is the right choice for you, here are a few of the benefits you can expect to receive.

No Unexpected Issues

When a new vehicle is released on the market, it has already been thoroughly tested to try and work out any possible issues. However, once that vehicle is driven by thousands of people, unexpected issues inevitably make themselves known and can be corrected through recalls and updates to the model design. 

If you buy last year's car model, though, most of those issues will have already been corrected, ensuring that your ownership experience is relatively trouble-free.

Lower Price

The sticker shock that accompanies a new vehicle can be significant. This is especially true when you realize that many car models will lose a substantial portion of their value after the first year. 

However, pre-owned cars and year-old new car models will already be largely depreciated, meaning you can potentially save thousands of dollars. Plus, since the value of the vehicle is lower, the associated property taxes will be lower, as well.

Easier to Locate Parts

Some parts, such as brake pads, should never be purchased used. However, other parts are perfectly fine to buy used in order to perform your own repairs. By purchasing last year's car model, you give time for the used part market to develop as other vehicles from the same model year end up in junkyards after accidents. 

Plus, there will be more do-it-yourself guides for replacing the parts yourself if you wait a year before purchasing a new car.

Lower Insurance Rates

One cost that can be exceptionally high when you purchase a new car is the cost of insurance. Since new vehicles tend to be more expensive to repair than older cars, the cost of insuring them is higher, as well. Also, since the actuaries at the insurance companies have had a longer time to calculate the risk associated with a particular vehicle, your insurance rates are less likely to fluctuate in the years ahead.

Another great benefit of buying a year-old car model is that there are still plenty of options to choose from. Though the selection will be more limited than it would be for the current model year, there are still lots of different colors, accessories, and body styles to consider. This gives you a new-car shopping experience while providing the benefits listed above.

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