The Pros and Cons of Buying a Used Truck
You need a new truck. Your old one finally died for good or you’re sick of making costly repairs on a vehicle that is only getting older with more miles. Shopping may not be something you enjoy, but having a great truck sure is. Does your next truck need to be brand new or just new to you? This is the first decision you must make before you can go any further. There are benefits to both, as well as drawbacks to both. Let’s break down exactly what you can expect from purchasing your next truck from a used car lot. There’s both good and maybe not-so-good aspects to it. These include:
#1 What’s the number one benefit of buying a used GMC truck? Nearly everyone is going to answer and say the price! Purchasing a used truck will save you money when you buy it, when you cover it with auto insurance, and in taxes. This means a used truck saves you money initially, and then saves you money again and again. A new truck is statistically several thousand dollars more than a similar used truck, even if it’s just a few years older. The average price of a new pick-up truck in 2019, according to Edmunds.com was $49,543. On the other hand, the average used truck cost around $35,000. That’s a big difference!
#2 Many truck shoppers wouldn’t get near a new model due to their high prices, but there are even more benefits to buying a used vehicle than a lower price. Because used trucks are so much less expensive than new trucks, you can buy a nicer truck than you might have otherwise been able to afford. That might mean a 2018 GMC Sierra instead of a 2016 model.
What isn’t Good
#1 When shopping for a used truck, you can’t be as picky as to what your vehicle will be. It’s unlikely you’ll be able to find the precise vehicle you want when you’re purchasing a used truck. Let’s say you really wanted a used GMC Sierra in black. Right now, you can only find a truck you can afford, the right model year with no dings or scratches, in white. This is something that wouldn’t be a problem if you were shopping new.
#2 Financing often includes a higher interest rate when shopping used. The bank assumes if you total your truck or get too far “underwater” on your payments and owe more than the truck is worth, you’ll stop making payments to them. They want to recoup their losses as quickly as possible before this happens. This means a higher interest rate for you.
It is quite possible that purchasing a used GMC in Baton Rouge is the right choice for you. For instance, you probably don’t want to spend $50,000 on a truck you’re taking to job sites. You’re going to scratch and ding it up! It’s going to get dirty! It’s also a great option for someone with a small budget who doesn’t want a car payment, but needs a reliable truck.