A used car does exactly what a new car does – without costing an arm and a leg or holding up your finances for several years down the line.
The rate of depreciation is low, insurance premiums are low, and even repair costs are low. Buying a used car will potentially save you hundreds, if not thousands, in terms of insurance, fees, and depreciation.
To put things in perspective, the average monthly payment for a used vehicle with a low mileage is around $500, while drivers finding a new vehicle must pay upwards of $700, according to a study by Experian. That $200 can make a big difference and save you thousands down the line.
So, what’s the big deal about buying a used car with low mileage?
It’s Almost as Good as the New
Low mileage indicates that the used car dealership hasn’t been driven as extensively as the ones with high mileage. For obvious reasons, there is less wear and tear on used cars with low mileage, and their components are expected to have a longer lifespan (especially with good maintenance). This makes it easy to afford to own a used car in the long run since almost no parts will need replacing.
For most cars – used or otherwise – you will need to replace certain parts, such as:
● Brake pads every 20,000 miles.
● Tires every 20,000 miles.
● A timing belt is around 70,000 miles.
● A water pump is around 70,000 miles.
● Clutch around 100,000 miles.
● Brake discs every 40,000 miles
● Flywheel around 100,000 miles
This means that buying a used car with low mileage will only require you to replace a few components throughout the time you own it.
You Can Sell it for a Higher Price Later
This can be a major benefit for motorists who plan on upgrading to a different car in the future. Since the used car still has low mileage, you should be able to sell it for a higher price. This may only be applicable if you have accumulated less than 12,000 miles per year, in which case, it may remain within the low mileage category.
A major advantage of used cars with low mileage is that certain components may still be covered under warranty. There is a high chance that the original manufacturer warranty is still intact for the used car.
This can give you a certain peace of mind since the car may have financial protection against unexpected repairs during the first few years of ownership.
Just make sure to verify that the warranty is transferable to you as the new owner. Check-in with the dealership to learn about the warranty.
First things first: a used car with low mileage may be more expensive than a used car that has racked up more miles.
With that said, low mileage cars will be more affordable compared to a brand-new car. Since these used cars are not very likely to require maintenance or repairs, they will reduce your overall cost of owning and running the car in the first few years of ownership. Low mileage cars can also qualify for better financing options, saving you money on monthly payments and interest rates.
Better Features and Tech
Buying a used car with low mileage often means that you can enjoy popular features such as backup cameras, navigation systems, leather seating, Apple CarPlay, and various entertainment options.
Older cars that were manufactured a few years ago may be lacking in these advancements. Depending on the make and model of the car, you should expect to find better fuel efficiency, driver assistance features, and infotainment systems.
Lower Insurance Premiums
Higher mileage often means that the car has accumulated lots of wear and tear, which coincides with higher insurance premiums.
For obvious reasons, insurance agencies want to reduce their risk of paying for injuries. A used car that has a high mileage count increases the risks to the insurance agency, which will automatically result in a higher price.
By comparison, low mileage cars often have reduced wear and tear, as well as a lower risk of accidents. By choosing a low mileage used car, you can save up on insurance premiums, potentially saving you hundreds in the long run.
Other Things to Consider When Buying a Used Car
Although mileage is an important factor to consider when buying a used car, you should also consider their age and condition.
Depending on your priorities, age may be the first or last thing you should consider when buying a low-mileage used car. Depending on the manufacturer and the make and model of the car, it may still be covered under the manufacturer’s warranty.
The standard benchmark for most cars is about three years. However, some brands, like Kia, often offer a seven-year warranty. This means if you bought a Kia model that is just three years old, you should have about four years’ worth of warranty left.
Condition of the Car
Just because it is classified as a low mileage car doesn’t mean it’s in good condition. The physical condition of the car will depend on how the previous owner handled it. Regardless of the car’s age or the number of miles that it has been driven, it needs to be properly maintained by adhering to the manufacturer’s recommended maintenance schedule and replacing worn out parts when necessary.
Cars that have been driven for longer periods at higher speeds often have better engines since they are less likely to be riddled with corrosion and blockages that could affect the suspension. However, if the car was used for shorter distances, its clutch, brakes, and gearbox may be worn out.
Wrapping Up – Should I Buy a Low Milage Car?
All things being equal, yes, it may be beneficial to buy a low mileage car. But you should consider other factors, such as the condition of the car and the year it came out. Finding a low-
mileage car that has been well-maintained with regular servicing is a great way to minimize your expenses.