Buying a used car can be a great value; but what about hybrid vehicles?
Are you thinking about a used hybrid but hung up on whether it’s a sound financial purchase? Hybrid cars are fuel efficient, low on maintenance costs, and have extremely good driving range as compared to traditionally fueled vehicles. New cars always depreciate quickly, so getting a used vehicle is a good way to get good value and save money. Although the value of any deal depends on the terms it involves, buying a pre-owned hybrid vehicle has unique pros and cons. Take the guess-work out of the equation, and consider the following key factors.
You may love your new car today, but that doesn’t mean you won’t eventually get past the honeymoon phase. In the future, you might want to sell your hybrid, and this fact could have a big impact on what you buy now.
Experts say that while all vehicles depreciate, hybrid vehicle value trends may be harder to pin down. Although depreciation usually occurs in accordance with market demand, some hybrids may depreciate more rapidly. Others are known to retain their value, especially in high-demand areas and states with incentives.
To assess hybrid depreciation as accurately as possible, be certain to evaluate similar vehicle models. For instance, the Nissan Leaf’s counterpart is the Nissan Sentra, so you’ll get a better feel for depreciation if you compare these two vehicles instead of comparing the Nissan Leaf to something like a Chevy Malibu.
In most cases, you can purchase a hybrid without replacing the battery pack. The majority of these vehicles also include eight-year or 100,000-mile manufacturer battery warranties, so you may even find a hybrid that still has protection remaining. Since battery replacement is one of the highest costs associated with Hybrid maintenance, it is crucial to your bottom line to avoid vehicles with aged batteries and no protection on your investment.
Vehicle History and Condition
For many motorists, the key to making a budget-friendly used-hybrid purchase lies in getting an independent inspection. Unless your dealership has a hybrid mechanic on hand, you may want to ask them to pay for a hybrid checkup, or ask to take the vehicle to a third party inspector whose diagnosis the dealer agrees to honor.
You should also spend time investigating each vehicle’s service record and history. Although these vehicles typically experience less wear and tear thanks to their advanced computer-controlled innards, maintenance records are important indicators of how much abuse a vehicle’s previous owner inflicted on it.
So if you’re wondering whether buying a used hybrid a good idea, remember; depreciation could work in your favor if you’re buying preowned, but be sure that you know the history and health of the vehicle before you invest. To learn more about the options and what’s best for you, visit Greg Chapman Motor Sales now.