In 1912, Chevrolet released its first Classic Six model. Then in 1918, the brand put its first truck on the market. Since then, the Chevy name has been associated with quality and dependability. So, what makes a used Chevy such a good investment? We've got your answer below. Why Should You Invest in a Used Chevy? They Have a High Rate of Owner Satisfaction Not only are Chevy cars and trucks incredibly reliable over the long term, but they also rank #6 in overall owner satisfaction according to Consumer Reports. They also rank #9 in maintenance and repair costs, which means fixing them up can be easy and low-cost. more You Get a Lower Purchase Price The cost of a new car can be high, and even just a down payment on one can be a few thousand dollars or more. By purchasing a used vehicle, you can lower how much you pay at signing or even potentially be able to pay for the entire car in cash. If you're buying a used car with a loan, you'll pay less in fees and interest than you would if you bought a brand new one. You Can Avoid Tariffs Recently, the U.S. has announced a 25% tariff on new cars and car parts that are imported to America from Mexico and Canada. Cars imported from Japan, South Korea, and the EU have a 15% tariff, while vehicles imported from the U.K. have a 10% tariff. This is in addition to other vehicle and sales taxes that are paid at the time of purchase and could increase the price of an average new car by as much as $4,000. However, tariffs don't apply to used cars that are already in the United States. You'll Pay Less in Car Insurance Motor vehicle insurance is most expensive for new cars. Since used cars are valued at a lower price, having them insured doesn't cost as much. You may also be able to choose liability-only insurance for a used vehicle, whereas a new car that is financed generally requires you to have full coverage. You Can Avoid Depreciation A vehicle is a type of asset that depreciates or lowers in value over time. In fact, the average car loses 20% of its value in the first year of ownership and 60% of its value within the first five years. Once a vehicle reaches 100,000 miles, its value drops substantially. By selecting a used car, you can avoid its most significant depreciation period. Come take a used Chevrolet for a test drive today by contacting us at Encore Motorcars of Sarasota in Sarasota, FL. We're located at 6000 S Tamiami Trl and are open seven days a week for your convenience.
