Buying a new car is often a life-changing event for most people.
It can become the biggest decision you take at a point in time and making sure that you have done the necessary research is imperative.
If you are on a tight budget, you could always check the market for second-hand cars that have been rental cars previously.
These cars have lower prices, but is buying a used rental car a good idea for you? Though most are recent models, however you generally can’t negotiate the prices with the rental company or previous owner.
Evidently, purchasing a rental vehicle can be an excellent option to consider. What are buying a rental car pros and cons?
Is buying a used rental car a good idea for You?
Second-hand cars aren’t necessarily browbeaten. The rental car you are buying has traveled many kilometers and has been in the service of many people.
Of course, it would be completely natural to assume that purchasing a rental vehicle that are up for sale will always be in a poor condition.
Rental cars indeed go through a lot of wear and tear, but most rental companies actually maintain and clean their cars very thoroughly to appeal to their clients.
Besides, most of them haven’t been running for very long, because rental car companies need to keep their inventory updated consistently.
This means that cars in the service are regularly replaced with newer models. So not only are they bringing in new models, but they are also doing away with the ones that were there very recently.
In most cases, these are also relatively new models. Besides, you can always go through the inventory of rental cars available for sale to pick a car that looks like it is in perfect condition.
Purchasing a former rental car doesn’t necessarily make you run the risk of investing in a broken-down automobile.
Most rental cars provide outstanding mileage
Imagine for a second here that you own a rental car company. Rental cars are expected to complete long journeys over large distances more often than not.
You would obviously go for the cars with great mileage to help with your profits off of how far the car is running, right?
This is one of the primary reasons that buying a car that was formerly a rental car is an effortless way to make the right pick, especially if you prioritize the mileage of the car you intend to buy.
Mileage essentially refers to how cost-effectively a car can use up its fuel. While buying a new car, the car’s mileage is often a pivotal factor for the new owner to consider.
Buying a car that was previously a rental ride is a really great way to ensure that all the options you are currently considering will give you good mileage. It’s one of the many perks of buying a rental car!
The prices aren’t too high
In the past five years, most cars were equipped with standard safety features such as anti-lock brakes and rearview cameras, all of which are requirements for car owners.
With regard to the interior, these cars are equipped with a decent music system with USB, AUX, and Bluetooth connections.
If your luck holds, you may also find a used car that has a rear camera, touch-screen operations, leather seats, amplifier, subwoofers, and other accessories.
Spend less on a good-condition pre-owned vehicle and enjoy all the benefits of a new car.
Once you drive out of the dealership and clock a few hundred kilometers on the odometer, a new car priced around $15,000 will depreciate by 20-25 percent.
Thus, the proportion of depreciation or the rate of depreciation for a used car is considerably less than that of a new car, since the primary depreciation of approximately 20 to 25 percent is already reflected in the sale price.
If you find it difficult to pay the monthly EMI’s and feel it a burden, opting for a used car may be the smartest decision.
Due to the constant introduction of new cars, face-lifts, and limited editions from manufacturers, consumers often upgrade to newer cars within a year of purchase.
Likewise, many people sell their cars within six months of being indebted.
Rental car insurance can help you out at any time
Cheaper insurance rates are a major advantage of used cars, as the cost of insurance decreases as the age of the car increases.
You are charged a premium for selling or buying a vehicle calculated using the car’s depreciation. Due to the recalculation of the insurance premium during the transfer of ownership, car insurance becomes cheaper.
The rental car insurance policy is a type of motor insurance plan designed to protect used cars.
A car insurance policy protects it from erratic threats and natural adversities that can lead to major losses or damages.
In addition to providing the same level of coverage as a new automobile, it also provides liability protection. A used-car insurance policy, therefore, protects against damages and third-party obligations.
CPO acts as a shield
Certified pre-owned vehicles may be a great option for you if you’re concerned about hidden problems in a used vehicle.
When buying used, you can still save money while gaining additional assurance about the quality and reliability of the car. Various manufacturers offer pre-owned certified programs.
According to the generalized definition of CPO, a car must meet a manufacturer’s standards and provide some sort of guarantee against defects, much like the manufacturer’s warranty.
You can do this by checking the CPO inventory at your local dealerships.
Pre-owned options are discussed in different ways at every dealership, so check online before visiting the showroom.
Additional warranties are usually included with these vehicles, so make sure you check how long each one covers before you buy.
Though you might feel a rental car might not serve your purpose or not look as good as a brand-new car, it is time to do away with such myths.
In fact, buying a rental car is a sustainable way of living, whereby you can receive the benefits of a new car at the price of a second-hand car.
However, you must be cautious about buying a rental car and check for different parameters to ensure the car’s owner does not cheat you.
In most cases, getting a rental car is a cost-effective way of owning one’s own car with all the facilities one needs.