When it's time to find a new ride, there are a lot of questions you need to answer. In this blog series, we will help guide you through the questions you should ask yourself as well as provide useful tips and tricks along the way. In our second installment of the series, we discuss the benefits of buying a pre-owned vehicle.
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rnThey can hold their value at a more steady rate than new vehicles
rnNew vehicles will lose value immediately upon delivery. It's not uncommon for a new vehicle to lose up to 20% of its value in the first year or two of ownership. While this isn't a huge problem if you intend to own the vehicle for many years, it can be an issue if you're the type of buyer who wants to upgrade every few years. When you buy a pre-owned vehicle, it's depreciation rate has slowed down considerably, so you're less likely to end up with negative equity (owing more than the vehicle is worth).
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rnPotentially lower investment
rnKnowing that vehicles could potentially lose 20% of their value in the first year, shopping for one that's 1 to 2 years old could save you thousands but allow you to potentially still have the remainder of a factory warranty. Keep in mind that while interest rates on loans for pre-owned vehicles may be higher than those for new ones, the insurance rates for pre-owned are often less than for new. This means that the differences should balance out.
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rnDown payments
rnWhile each lender has unique lending policies, it can sometimes be easier to finance a new vehicle. However…if you're able to afford a decent down-payment (10% or more of the vehicle's purchase price), getting a used vehicle loan can be pretty easy! At SVG, as long as you can verify a steady income of $1500 a month, you WILL get approved! Ready to start shopping? Get pre-approved now!
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rnInventory Selection
rnAt SVG Motors, all 8 locations have pre-owned vehicles in stock! If you're unsure of what brand of vehicle you're wanting, considering pre-owned is a great choice because our professional and friendly sales people are trained to help you determine the features that will serve you best. By choosing pre-owned, you'll have access to just about every modern brand available.
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rnSummary
rnIf you love a good bargain and aren't brand-loyal, choosing pre-owned might be the best option for you. Be sure to visit any one of our 8 locations to test drive any of our pre-owned vehicles or call our SVG Express team at 937-548-7643, who can help you find the right vehicle and will work with you to complete all paperwork on the phone so that you don't ever even need to visit the dealership at all!
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