The Biggest Myths Surrounding Pre-owned Cars
Written by DriveAxis.ca April 26, 2023
Buying a new car is a fantastic experience. There’s that new car smell, shiny new tech, and the satisfaction of knowing you have the latest and greatest model on the road. However, buying a new car is also a big investment, perhaps unnecessarily so. Many people opt for pre-owned cars, even as little as a few years old, which results in a much lower initial investment at the expense of a few bells and whistles.
However, there’s a certain stigma attached to pre-owned cars that dates back a long way, and unfairly so. In the modern age, buying a pre-owned vehicle isn’t nearly the gamble it used to be back in the day, and there’s no reason to avoid considering one as your next method of transport. The myths may persist, but we’re here to debunk them so that you can enjoy peace of mind knowing that your next pre-owned car purchase is a safe bet.
MYTH #1 - USED CARS ARE PROBLEMATIC
Unfortunately, the shady reputations of used car salesmen from the days of yore still linger, though the times are changing. Today’s pre-owned dealerships are subject to much tougher and more stringent laws than ever before, which means an extra level of protection for the consumer. Plus, the added level of competition means that honest and reliable dealerships succeed and grow their customer base, especially in an era where digital word-of-mouth can literally make or break a business.
When it comes to reliability, today’s pre-owned cars must undergo a strict set of checks to make sure they get the green light for resale. This guarantees that buyers don’t drive off with a lemon that may break down the moment it is driven off the lot. Similarly, many dealerships, such as we here at DriveAxis, go far beyond the extra mile to conduct rigorous 150-point inspections of every single car in our inventory, to nip any problems in the bud long before the ink has dried. Our reputation is paramount, just like any good dealership would strive for.
There’s also build quality to consider. Refinements to modern automotive build processes, materials and technology means that even the cheapest car runs far more reliably than some luxury cars a decade old. The business is always improving so that customers have access to cars that are tougher, safer and far more dependable than ever before.
MYTH #2 - CARFAX REPORTS ARE KING
The ever-popular CARFAX report is a great way to get an idea of just how well-maintained a used car is, but relying on it as gospel is ill-advised. At its best, a CARFAX or similar vehicle history report is a general guideline you can use as a reference point, but you should still make sure everything is in working order. If you’re buying privately, you’ll definitely want to take the car to a reputable mechanic capable of determining whether it has been in an accident, or suffered some sort of serious malfunction.
Yes, the car will still need to be checked and certified by a licensed dealership or mechanic before it can be legally resold, but you can also get a more thorough analysis by having a mechanic you trust do a deep-dive under the hood, and under the chassis.
Remember that CARFAX reports can be faked, or misreported. Even if a car has been in an accident, the previous owner could have taken it to a repair shop willing to fix it up, off the record. A good rule of thumb is to look at the frequency of entries on a CARFAX report. If you notice that the car has been taken in for regular servicing and maintenance at a dealership or other authorized shop, it’s usually a good first indicator of a solid investment. Just make sure to double-check before you sign the paperwork.
Here at DriveAxis, we do the heavy lifting for you by giving every vehicle a thorough inspection to determine if the information on a CARFAX report lives up to its reputation. The quality of our pre-owned cars is non-negotiable.
MYTH #3 - PRE-OWNED CARS ARE A BAD INVESTMENT
While it is true that pre-owned cars have already depreciated in value, the simple fact is that brand new cars lose a huge chunk of that value the moment they are driven off the lot. This has led many to think that the pre-owned car continues to sink in value, when in fact, that has already occurred. In actuality, a pre-owned vehicle tends to retain more of its value the moment you buy it, for that very same reason.
It’s also good to remember that only a select few cars manage to retain the majority of their resale value over time. For instance, nearly all but the rarest and most sought-after exotic sports and luxury cars manage to achieve this feat, while the rest, no matter how eye-wateringly expensive, lose a significant bulk of their value upon purchase. If you are thinking of selling your pre-owned vehicle in a few years to help finance the purchase of another, you may end up losing far less money than you think.When it comes to maintenance and repair costs, the trick is to be proactive and make sure they’re in tip top shape before driving off the lot. The objective here is to buy a pre-owned vehicle that can go the distance, thereby cutting down on a lot of those same costs. In the event that an expensive engine or electronic part goes bust, the money saved on the purchase of a pre-owned, reliable car offsets the cost of a replacement. If you’d like to go even further, you can opt for an extended warranty on your pre-owned car, such as the sort DriveAxis includes on every vehicle in our inventory. The reason? To make sure that your car functions properly at all times, with no massive hit to your pocketbook.
Indeed, today’s pre-owned cars are cut from an entirely different cloth than their aged brethren, and there’s no reason to fear investing in one. You’ll save a ton of cash that can be spent on much better and more important things, plus you’ll have the peace of mind required to drive around every day without worrying about the wheels and doors falling off!
Ready to buy a pre-owned car? You’re not alone! Thousands of our customers have driven off smiling after working with DriveAxis, and we’d like to extend the same service and premium-quality pre-owned cars for you to choose from. Unsure whether you qualify for financing? We’ll take care of that with our in-house financing department which guarantees approval, regardless of your credit rating. With summer just around the corner, now is the perfect time to invest in a new set of wheels.