Purchasing a used truck is a great investment, allowing you to invest in a powerful vehicle at an affordable price. If you’re concerned about whether you can afford a coveted pickup truck like the GMC Sierra 1500 Denali or Ram 1500, going used is the perfect way to secure the truck you want at a price that fits your budget. Here’s what you need to know about navigating the used truck market and finding your best options.
There are several key benefits to purchasing a used vehicle, with savings on everything from your initial purchase to your vehicle insurance. Consider these prime perks.
Vehicles experience their steepest depreciation during their first few years. On average, the popular Ford F-150 loses 28.6% of its value in the first year alone. The F-150’s depreciation drops to 6.8% in the second year and 5.1% in the third year. The fourth year is another painful milestone, as most vehicles lose their factory warranty coverage, resulting in a further depreciation of 15%.
Every pickup depreciates differently based on the make, model, and features. Trucks depreciate more slowly than cars and SUVs, making them an excellent choice for buyers who want a vehicle that holds its value.
After the fourth year of ownership, depreciation stays relatively low from year to year, meaning you’ll retain far more of your truck’s value when you purchase it used versus new. With a new truck, you lose 10% of its value the moment you drive it off the lot. You can avoid this painful punch to your finances by purchasing even a slightly used truck.
If you want impressive value and modern features with minimal depreciation, the best truck-buying hack is to purchase a vehicle that’s just one year old. This lets you score a nearly new truck while sidestepping that steep depreciation in year one. If you sell the vehicle three years later, just before its fourth birthday, you can get a great return on your trade-in by upgrading before the next big depreciation drop.
If a year-old truck is too pricey for your taste, opt for one just over four years old instead so you can slide behind the wheel after both of the truck’s biggest depreciation points.
If you want to avoid the sticker shock that can come with new trucks, purchasing used is a great way to enjoy the reliability of well-known truck models without the hefty price tag. J.D. Power assigns a reliability score to popular vehicles, calling out those that stand up well to the test of time. For the best-value trucks that score high on this scale, consider the following options:
Brand-new vehicles typically cost more to insure. You can expect to pay less for your monthly insurance premiums with a used vehicle. Contact your insurance agent for an exact comparison between your top contenders. With the make, model, and year in hand, you can get a quote to insure various vehicles, which should factor into your final budget and selection.
Take your time exploring the used trucks for sale in and around Cape Girardeau, Missouri. Our dealership’s inventory is constantly changing, so it’s best to wait patiently for the right vehicle to come along.
Trucks come in several different sizes. Make sure you’re shopping for the one that best fits your needs. The larger the truck, the more difficult it is to park, maneuver, and affordably fuel up. However, smaller trucks lack some of the towing and hauling capacity of their larger siblings. Calculate the hauling and towing capacity you need and shop within those limits.
You should always get a vehicle history report for a used vehicle. If the truck has been in an accident, ask for repair records. This isn’t always a deal breaker, but you want to ensure a reliable mechanic performed the repairs. Avoid any vehicle that comes without this information.
Watch for issues such as worn brake pads, oil splatters under the hood, and rust on key parts, including the muffler, exhaust pipes, frame rails, and floor pans. Have an independent mechanic inspect the truck before you finalize your purchase.
Go for a test drive to make sure you love the way your future truck handles. You should feel responsive brakes, comfortable handling, and a smooth ride. Take the truck over several types of terrain, including freeways, curvy streets, steep inclines, and rough rural roads. Mimic the driving you expect to do most often in your truck, so you can get a real feel for how the truck will respond to your needs.
Dealerships are motivated to deliver reliable used trucks since they seek long-term relationships that’ll last long past your current purchase. A private seller may disappear once the deal is done, but the dealership will remain. You can browse multiple options on a single lot and conduct back-to-back test drives to compare all your choices. When purchasing from a dealership, you can also streamline the car-buying process by trading in your previous vehicle, purchasing your new truck, and securing financing all in one spot.
Are you ready to start exploring used trucks for sale in Cape Girardeau, Missouri? Visit our lot at John Sinclair Nissan. Our team of dedicated and knowledgeable salespeople can help you navigate all your options and find the perfect used truck to fit your budget, needs, and desires.