Should You Buy a Used SUV?

Are Used SUVs Worth the Money?

In short, yes, used SUVs can be well worth the money that you spend on them. In fact, when choosing an SUV, used is the way to go for many people, especially if you can find a good deal on a great SUV. There are some definite advantages to buying new, however, including being able to access to the latest improvements in engineering and safety. You won’t always get these in a pre-owned SU. With the new SUV you always know what you are getting and you also get a warranty. You will not have the worries that inevitably come with buying used, like concealed damage from a collision, or potential problems that will need to be services. Moreover, when you buy new, you have your choice of options, colors, trim, and other customizations. If you are financing, you will also get a lower rate if you are financing a new SUV as opposed to a used one, since the new one will ‘blue book’ higher than a pre-owned SUV.

Rapidly Depreciating New SUV

The major drawback with buying new, however, is that the minute you pull off the car dealership lot, your SUV is automatically worth substantially less than you just paid for it. The new SU loses more than half its value in just the first three years that you own it. In fact, if you don’t pay quite a bit down on a new SUV, you may find that you are in an ‘upside down’ loan, owing more than your vehicle is worth, in just a few years time.

Used SUVs are Great Alternative

The used SUV can be a very lucrative alternative, and since the pre-owned car market is about thrice the size of the new car market, you will find a used version of nearly any SUV that catches your eye. When buying used, consider an SUV that is around two years old, since it will have hit its biggest depreciation point but still have lots of life left in it, for the most part anyway. If well-maintained a used SUV can last for 150K miles or more, and buying used can save you thousands of dollars off the sticker price.

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