Colorado Springs, CO is home to numerous used car dealerships that boast large inventories and quality vehicles. Mile High Car Company, one of the best used car dealerships in the city, has been selling used cars in Colorado Springs for over 20 years. With so many different dealerships in town, it can be overwhelming to choose where to shop and what to buy.
According to the National Automobile Dealers Association, 50% of the cars present on United States roads are from used car dealerships like Mile High Car Company. These car dealerships, especially those situated in Colorado Springs, sell cars daily to many people and businesses.
As someone who may be searching for used cars in the area, you might be wondering, “What are the pros and cons of buying used cars in Colorado Springs?” Sure, it can certainly be a nerve-wracking experience without the right information. Thankfully, it can also be a pleasant one.
Here is what you must know about used cars for sale in Colorado Springs.
Pros of buying used cars in Colorado Springs
You might be interested in purchasing a Mercedes Benz or another type of vehicle from Mile High Car Company. Whether you are buying one with adaptive cruise control or one with automatic transmission, you want to ensure that you look at various factors that range from price to maintenance records in order to end up with the best results.
The price of used cars in Colorado Springs can certainly be affordable, but the price points can vary based on your choice of make and model. Used car prices usually start at $1500 and rise depending on the type of car, age, and total miles.
This lower price allows people with a small financial budget to afford a car whether they intend to pay in cash or through a loan. This is one of the main reasons why people will opt to go with a used car. In essence, the used car option is within the reach of many American households. It will allow more people to access car ownership and pay off the car sooner than later.
Inspections and Test Drives
One of the reasons for buying used cars with respectable dealerships is that you are allowed to conduct a thorough inspection of your chosen car. The dealership enables the buyers to check the car’s interior and exterior and adequately allows the buyers to test drive before buying.
The test drive allows the buyer to experience the car for themselves. They can see if the car’s performance and amenities suit their taste. In addition, the right dealership will provide you with a thorough history of the vehicle and let you know if the car was stolen at one point or if it was involved in several accidents.
Your dealership will discuss any inquiries related to the vehicle’s mileage. Further, you may be in luck as you may stumble on a few cars for sale and at a steep discount when compared to other places.
Many automobile dealerships in Colorado Springs allow buyers to trade in their old cars for a discount on a newer one. If the traded car does not have the same monetary value as the new car, the buyer must add some money to back it up. However, trade-ins are excellent ways to save money and get rid of a car you no longer need.
Cars lose value over time. As car companies release new models, older models begin to lose their importance in the automobile market, which directs the interest and taste of consumers to more recent models.
For instance, a brand new car worth $50,000 in January will experience around 20% to 30% depreciation by the end of the first year.
Conversely, you do not have to worry about massive price depreciation once you drive a used car off the lot. If you have questions or concerns about any of the used cars on sale at Mile High Car Company in Colorado Springs, our representatives would be pleased to address them.
Lower Loan and Lower Car Insurance Premiums
One of the main reasons people purchase used cars is for the financing benefits that come with a lower price. A lower ticket price will require a smaller loan, which will let them pay a smaller principal amount. In addition, the lower the loan amount, the lower the interest payments will be, provided that the individual has stellar credit or has the credit tools to improve their credit.
According to the United States road laws, before any car (be it new or used) can hit the road for private or commercial use, it must acquire car insurance.
Typically, a new car will have a higher insurance premium compared to an old car because most old vehicles carry a lower value and so there is less to insure. This then allows the new owners to pay a lesser amount when it comes to the car insurance premium.
Cons of buying a used car in Colorado Springs
What are some of the cons of buying a used car in Colorado Springs? Here’s what you need to know about the potential drawbacks of purchasing an older vehicle. This is true for your Honda, Audi, Hyundai, minivan, sedan, or another vehicle. You might save money right now, but you may find that you have to account for other expenses when purchasing a used car.
No Additional Benefits like Discounts, Upgrades, or Extended Warranties
New cars are often bundled alongside added benefits and discounts. Many dealerships will offer 0% financing for a set period of time, upgrades to more expensive trims, and longer maintenance warranties.
Used car dealerships usually don’t offer the same level of perks because used cars carry lower margins per sale. Some Colorado Springs auto dealers may not give you any warranty at all; however, at Mile High, we provide a 2-month, 2,000 mile warranty.
Higher Risk of Buying a Lemon
“A Lemon” is a car jargon used to describe very cheap cars with many issues. An example of a lemon might be an elegant SUV advertised for $10,000. The exterior looks nice and many people will call the dealership thinking they’re getting a great deal.
But in reality, this SUV ends up requiring repair and maintenance costs of over $10,000 because of its damaged interior components. Whoever buys the “lemon” discovers issues with the transmission, cooling parts, and other elements – and is unable to return the car.
Since car dealers do not want to make losses, they sometimes brand cars like this and sell them to interested buyers. But the right dealership, like Mile High Car Co, will only offer vehicles that meet certain rigorous maintenance standards.
Remember that respectable car sellers want to repeat, happy customers. They will take care of you and disclose all major defects in their inventory.
Newer cars offer more advanced features than older models and many dealerships will allow buyers to customize new purchases. Cars like Tesla come with a variety of trim, console, and accessory customizations. Used cars, however, are sold “as is.”
Used car buyers are must stick with the features that come on the vehicle. However, many third-party auto shops can customize your car for you.
In reality, as more used cars come on to the market, it’s not hard to find the right color, the right mileage, and maintenance history.
Higher Rate of Engine and Fuel Efficiency Issues
Apart from dents caused by accidents, one of the main reasons people sell their cars off to a dealership is because of the faulty engines and declining fuel efficiency. Many dealerships will try to repair the problems, and if they succeed, they sell to other buyers. These repairs, however, might not always last. After some time, the car problem may start again, and the new buyer will have no choice but to cover the costs of repairs.
As such, it is necessary to work with the right dealer. Respectable dealers will provide the best vehicle with a minimal history of issues. Or they will disclose all known issues. Of course, the more information you have, the better, so make sure to discuss everything with your dealership representative to find out everything you need to know about the subject before you buy the vehicle.
Reach Out To Mile High Car Company for Used Cars for Sale
We know that nothing beats the joy of buying a new car, especially if the car is your dream car. But if you can’t afford a new car, consider your options and find a quality used car. If you are looking for used cars for sale in the Colorado Springs area, reach out to Mile High Car Company. We would be pleased to work with you and present a used car that meets your needs.
Our representatives will stay transparent and answer any questions you might have about our used cars for sale.