Used cars, sometimes called preowned vehicles, are automobiles, usually from a past model year, that other individuals previously owned. Many people choose to purchase used vehicles, rather than new cars, to save money, both on the original purchase price and the automotive insurance premiums. Although buyers may save money by opting for preowned vehicles, many pitfalls exist to buying used cars.
No Warranty Protection
Many used cars, especially those more than three years old and/or those with more than 50,000 miles, come without the warranty protections common to new vehicles. This means that individuals purchasing these used cars are accepting all the liability and risk associated with mechanical failures or other problems and must absorb the costs associated with fixing or replacing the vehicles. However, some states' "lemon law" statutes may provide limited protection against purchasing defective used vehicles.
Unknown Vehicle Condition
Another disadvantage to purchasing a used car is that, in many cases, prospective buyers cannot know the true condition of the vehicles in which they are interested. Used cars often have hidden issues due to years of use, and some car dealers either do not know or choose not to reveal their preowned automobiles' true conditions. A prospective buyer can mitigate this threat by obtaining a vehicle history report for the car she is interested in purchasing.
Old Features
Automobile manufacturers update vehicle designs per year, adding new features, new looks and new equipment to the cars they make. Therefore, new cars -- from the current model year -- will be the most up-to-date vehicles on the road. One key drawback of buying a used car is that it will lack these new stylistic designs, innovative equipment and the latest technology. While this may not be a concern for some drivers, individuals looking for cutting-edge automobiles would do well to avoid used cars.
Lower Resale Value
A key disadvantage to buying a used car, especially one with high-mileage -- at or above 100,000 miles -- is that it will have a much lower resale value than its original price. Cars quickly descend in value once they accumulate miles, as high-mileage correlates to vehicle damage, wear and tear. While not a concern for those who plan to keep their cars for long periods of time, individuals looking to sell their vehicles in the near future -- without putting large numbers of miles on them -- would do better to consider new cars.
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