Millennials are known for many things, but one thing you might not know is that used cars are becoming more and more popular among younger generations. Why should millennials buy used? While cost and savings are always important, many millennials realize that modern cars are highly reliable. Thanks to financing, leasing and certification options, used cars are especially practical.
According to Auto City, Millennials should consider buying used vehicles for the lower cost. Median income is down about 21 percent, which means large monthly payments and down payments are out of the question. The average new car is over $33,000, while the average used car is just $20,000. That means used cars are the clear winners in terms of savings.
Additionally, many Millennials aren’t afraid to shop the
internet and use apps to their advantage. Sites like CarFax can easily provide
you with a vehicle history report as long as you have the VIN, which means
there’s less guesswork when buying used.
Also, consider buying used for lower depreciation and better
financing. New cars can lose up to 40 percent in their initial value over the
first 3-4 years of ownership, which means used cars allow you to avoid that
initial dip in value. Plus, with a lower sticker price, you’ll often spend less
on financing — a bonus for anyone looking to avoid getting stuck with a big
Many people have already made their New Year’s resolutions. But it’s not too late to consider making some auto-themed goals for 2019. By adopting some of these auto resolutions for your vehicle, you can improve its reliability, resale value, and overall condition.
According to Green Living, you should start by getting your car’s body in shape. For example, you can measure tire pressure to maintain properly-inflated tires, schedule regular tune-ups, and change the oil approximately every 5,000 miles.
Next, try being a fuel-efficient driver. Not only can you
reduce your carbon footprint by driving more slowly and cautiously, but you can
also save money at the pump. It turns out that speeding can lower fuel economy
by up to 35 percent. Try not to make hard stops, and avoid accelerating too
quickly. Additionally, clean out your vehicle’s interior, if you haven’t in a
while. The extra weight might affect gas mileage.
Don’t warm up your car — no matter how inconvenient a cold
vehicle interior might seem. Idling your vehicle increases the risk of theft.
It also increases the wear and tear on the vehicle’s engine as well as other
key parts (like the tires, transmission, and bearings).
Finally, check the tire pressure regularly. Tires typically
lose pressure when its cold out, which means your car might be riding on low
tires. By maintaining optimum tire pressure, you can extend the life of your
tires and improve the vehicle’s fuel economy.
Jumpstart your New Year’s auto resolutions by calling us at Pollard Used Cars to schedule a maintenance appointment.
When buying or selling a car, two questions we tend to ask are “how much is my car worth” and “how much should I be paying?” One of the sources to turn to is Kelley Blue Book. But should you take Kelley Blue Book’s word at face value?
Websites like Kelley Blue Book, Edmunds, and NADA have car value estimators that claim to give you an accurate estimate of how much your car is worth. These websites are a good starting point, as they’ll give you a ballpark number for your vehicle’s value. However, they shouldn’t be the only estimators you rely on.
While they provide estimates for your vehicle, it’s not a guarantee. Kelley Blue Book tracks prices of cars being bought and sold in order to determine the value of an identical car. However, this calculator does not account for the issue of supply and demand. The calculators also don’t consider the true condition of a car, which doesn’t always fall neatly into categories like “Excellent” or “Fair.”
In order to get the most accurate estimate of your auto’s worth, it’s best to get an additional opinion from a reputable dealership such as Pollard Used Cars. Visit us at your convenience so one of our experienced staff members can appraise your vehicle.
Most car shoppers have a pretty good idea of what vehicle they are looking for when they start the shopping process. While some prefer the latest technology and safety defenses of a new vehicle, others prefer the affordability of a used one.
A current trend for consumers is cross-shopping for used cars, which involves comparing both new and used cars at the same time. According to Jumpstart Automotive Media, this trend is growing. Cross-shopping for used cars is up 19% when compared to last year. This is for both luxury and non-luxury segments. The jump in the luxury segment alone rose 36% when compared to last year’s statistics. Used cars are starting to rival new cars thanks to their value and solid build.
The survey also asked participants to share what they considered their most important shopping tools. At the top of the list for used-car shoppers was vehicle history, used car values, and financing options. Certified pre-owned shoppers wanted vehicle history, being able to search local inventory, and used car values. New car shoppers stated that searching local inventory, browsing expert car reviews, and researching vehicle information were some of their primary purchasing tools.
Let’s say you’ve had a vehicle for a few years, and now you’re ready to move on to something new. You probably want to go to a dealership and turn in your old ride to put the cost towards your next vehicle, but you might be unsure how the trade-in value of your old car will be determined. According to the experts at CarsDirect.com, different factors go into determining how much the dealer will pay for your vehicle such as:
The year of your car will play a big role in its trade-in value. Typically, older cars have less value than newer ones.
Make and model
Some brands and nameplates hold their value better than others. For example, sports cars will usually sell for more than a sedan from the same brand.
If your vehicle has been well-maintained and/or has low miles on the odometer, it will likely sell better than a more damaged car that has been driven a lot.
Some cars are just more popular than others. Dealers know that more popular vehicles will sell faster, so they’re willing to pay more from the get-go.
If you have a used vehicle and you’re wondering what kind of trade-in value you can get for it, don’t hesitate to contact us at Pollard Used Cars in Lubbock; we would be happy to assess your vehicle’s trade-in value.
When you drive a new car off the lot immediately after purchase, you automatically lose a significant portion of its value due to depreciation. This is one of the major reasons that so many drivers decide to buy used models—they do not suffer the same major depreciation that new cars do upon purchase.
But if you’re buying used at Pollard Used Cars in Lubbock, how do you know which car to choose? A common way to choose a solid used daily driver is to look at which models retain their value the best. Websites like Edmunds, KBB.com, and more hand out awards every year to models that have the fewest mechanical issues and retain their value the best over three to five year timelines.
Top Cars That Retain Value
If you’re in the market for a used sedan or a used coupe, you’ll want to consider some of the following models, which have frequently won retained value awards in the last few years:
Top Trucks, Vans, and SUVs That Retain Value
If you are instead looking for a used truck, used van, or used SUV, take a look at the list of the following models, which retain value better over the years:
Toyota FJ Cruiser
How to Retain Your Car’s Value
Want to ensure a better resale price down the road? Follow these steps to retain your car’s value:
Wash and wax it regularly, and store it in a garage.
Stay current with all maintenance.
Don’t smoke or keep trash in the car.
Drive it well, with minimal rapid acceleration and hard stops.