The used car market is an opaque, unfamiliar world to many car buyers. As a result, plenty of urban myths and legends have sprung up around it. While some are based in fact, most are just plain wrong.
We debunk the most common used car myths here to increase your confidence in buying a used car.
Used Cars are Junk/Unreliable
Yes, there are people that sell their cars because they are too old. But many more people also sell their cars not because they are rotting hulks of metal, but because they may be upgrading to a larger car or downsizing to save costs. Modern cars are designed to run for years, so don’t hesitate to consider a used car that may be a few years old.
Used Cars are Not as Safe as New Cars
Used cars have all the modern safety features such as side airbags, anti-lock brakes, and stability control. Many of these features are mandated by law to be included in newer cars. Safety has also been a selling point for manufacturers for many years, so unless you’re buying a classic car that’s decades old, you do not have to worry about safety.
High Mileage Cars are Bad News
While high mileage does equal more wear and tear, it doesn’t mean that you should avoid the car. High mileage may indicate that the owner has done plenty of highway driving, which is much less stressful for the car than city driving. As long as the car is serviced regularly, a high mileage car will not give you issues.
Used Cars are Poor Value
This is a myth that is flat-out wrong. You may have heard that new cars lose value the minute they’re driven off the lot. If anything, used cars represent great value because the first owner has taken the hit on depreciation, which can be up to 20% in the first year. This drop in value represents a great deal to you as a used car buyer.
Prices of Used Cars Vary Wildly
It’s true that depending on year, mileage, and condition, prices do vary between the exact same model of used car. However, with the advent of online used car platforms, consumers are now better informed and used car dealers know this. Thus, there is more incentive to standardize prices. Insurance companies also use a standard pricing based on year and model to calculate the price of insurance premiums.
Having said that, the COVID-19 pandemic is driving the price of used cars up as demand for driving increases and new car supply is drying up.
You Can’t Get Financing for Used Cars
When it comes to auto financing, used cars aren’t too different from new cars. Like all loans, finance providers will look at your income and credit score to determine your eligibility for a loan as well as the interest rate.
Carsome offers financing for Carsome Certified cars through Carsome Capital, easing the financial costs of car ownership with loan tenures of up to nine years and a high financing margin.
There is No Warranty for Used Cars
This is not necessarily true. New cars come with a typical warranty of five years. If it is sold sooner than that, you can still take advantage of the leftover warranty period.
Busting Myths When You Make it Carsome
At Carsome, we not only bust the myths, we also pull back the veil for full transparency about every car we sell. All car listings on Carsome are shown with close-up pictures, while selected cars have a 360-degree view for its interior and exterior. Additionally, the full 175-point inspection report is also available to ensure you are able to shop online with peace of mind.
But Carsome Certified remains the gold standard of all used cars. What’s more, every Carsome Certified car comes with our Carsome Promise, which includes:
- Five-day money-back guarantee: If you buy a used car from Carsome and it doesn’t fit your needs or you are not satisfied, you can return it back to us within five days to get a full refund. No questions asked!
- Professional inspection: All Carsome Certified cars have passed a thorough 175-point inspection to ensure it is free from major accidents, as well as frame, fire, and flood damage.
- One-year warranty: For your peace of mind, we will provide you with a one-year warranty to ensure your car is roadworthy.
- Fixed price: You will only pay the price we display, with no hidden fees. All prices on our cars have been calculated to include the road tax fees, one-year warranty, ownership transfer fee, Puspakom inspection fee, and the loan processing fees.
This is why when you Make it Carsome, there are no myths – only great experiences. Browse for your car today!