The car market is evolving as rapidly as the times, with demographics, economics, and technology changing the way people own and drive their automobiles. Younger buyers are avoiding ownership or opting for more affordable used cars, but they are also motivated by safety, reliability, and access to technology when making purchase decisions. More-established buyers are still looking at new vehicles, but they are also making decisions as to how much technology they need and what their driving experience will look like. Other drivers are avoiding ownership altogether, preferring the fixed costs of leasing a new car every few years. New finance tools are making a modern market possible.
To Buy or To Lease?
With subscription services like Netflix and Spotify becoming increasingly popular, it was only a matter of time before a similar option existed for vehicles. In fact, such an option has existed for some time, but the revamped version is on the rise. Leasing offers a customer a brand-new car with all of the advantages that come with new-car ownership at a lower payment and with a fixed number of miles (although this mileage can be adjusted when negotiating the lease). Some customers are opting to forego the lease, preferring to own their vehicle outright at the end of the term, and so they are buying instead. Purchasers looking for an optimal payment are gravitating toward used cars, sacrificing some of the reliability and warranty coverage to save on price.
Certified Pre-Owned: A Middle Way
The cost savings offered by used cars are pretty compelling and continue to draw budget-conscious buyers. At the meeting point between price and peace of mind lies certified, pre-owned vehicles. These are units that have been inspected and certified according to the terms of the original vehicle manufacturer’s specifications. They come with additional warranty coverage and many of the perks associated with new-car ownership. However, they retain many of the cost savings associated with used cars.
A Way Around the System
If a new car is out of the budget and leasing isn’t right for you, consider the purchase of a used automobile from a dealership that also certifies their own vehicles. Although they will be unable to certify vehicles from another brand, you can gain some assurance knowing that the same highly-trained and qualified technicians that work on their own brand’s inventory looked at the automobile you are considering. Although the manufacturers warranty will not have been extended through certification, you will save several hundred dollars on the vehicle price and still be covered through any dealership warranty program.
A variety of innovative, new options for vehicle ownership now exist in the modern automotive market. Leases and certified, pre-owned vehicles bridge the gap between peace of mind and price. For those more interested in purchasing, the used cars from dealerships that offer a certification program indicate a mechanically reliable vehicle at a fair price. Regardless of your need, a buying solution now exists.