How to Shop For Nearly New Cars
Photo by Rachel Nickerson on Unsplash
For most people, buying a used car is almost certainly a smart choice, because used cars are usually thousands of dollars less expensive than new ones. Buying a new car is always a big investment, and you want to make sure you get exactly what you want for the price you pay.
What’s most important to you, are you looking for a cheap new car? While there are some inexpensive new vehicles on the market, we won’t pretend that you’ll be able to find one especially attractive.
So, instead of paying more for a new car or sacrificing on style and modern technology, what other options are out there? Nearly new vehicles are an intriguing option for someone looking to maximize value but not give up modern benefits.
While a nearly new vehicle would not be brand new (of course) it would have been driven to some extent it will have very low mileage and a much lower price tag compared to the new cars on the lot.
What is the difference between a nearly new car and a used car, or one that’s brand new? The automotive world typically categorizes a nearly new car to be one that is less than one model year old and has less than 5,000 total miles on the odometer.
The main difference is that these vehicles have been used for more than just a test drive around the dealership (think maybe a courtesy or shuttle car), and you can find a value from dealers, brokers, and rental firms, as well as private individuals, and auctions for nearly new cars.
Cars can come from being repossessed, fleet or government cars, or dealerships getting rid of on-location rides. The actual discounts and savings vary greatly on the total mileage, make and model, and the demand, but it’s not out of the question to be able to get around 25% off with just a few thousand miles.
Research Research Research
While nearly new cars are a great way to save money and get a recent model, it’s important to do your homework like you would with any other car purchase. Why is the car being sold with so few miles, could it be from damage that you can’t see? Or the manufacturer recently discontinued the model and might be more difficult to service?
This is crucial in your process for buying a nearly new car. First of all are your preferences: what make, model, style, color, etc. are you looking for? And what is your price range? If someone is auctioning the vehicle it could very well cost you more in the long run if it turns out there were unreported damages.
There are plenty of possibilities and it’s important to ask questions and look into vehicle and damage reports from the start to make sure you’re getting a reliable vehicle at a great price.
FEEL SECURE IN THE CAR YOU CHOOSE
You don’t want to buy a car - you want to get the best deal on the car you’re looking for. The CoPilot app will notify you if there’s a similar vehicle in your area at a better price, so you’re always certain you got the best deal available.
Evaluate Budget
What is most important - can you save more money on an older car with similar features, do you want new but don’t think you can afford it? A nearly new car is a good middle ground for both, but you’ll still need to make sure your finances are in order.
Can you save by using cash? Getting a model that has been discontinued? There are lots of minor details you should evaluate while looking for your next deal.
Check Warranty
If you buy a car that is nine months old for example, and came with a standard three year warranty, you likely will have two years and three months from the original manufacturer’s warranty included, saving on those costly fees and coverage.
This can vary based on make and model, but similar with evaluating your budget above this can help you plan for your car’s future and maintenance as needed.
Research Model Depreciation
Some brands, vehicle types, and even colors can depreciate at a faster rate than others. Sports and luxury cars will depreciate at a much higher rate than the family minivan. Your location and weather can also play a role in the rate that a vehicle loses its value.
This should be taken into consideration when looking at nearly new cars to get a better understanding of its current value and what you can expect to have in value after a few years. A good estimator can be found here.
THE BEST USED LUXURY CARS ON THE MARKET
Buying a used or CPO luxury car is one of the smartest buys you can make - you can get a lot of car for not much money. You can pick up a three-year-old luxury car for about half of what you’d pay new. Check out this list of the best used luxury cars on the market to find the best deals.
Check Vehicle History
Super important for any car purchase, but especially if you’re going with a nearly new vehicle. The old thought of “if it’s too good to be true, it probably is” can often be applied to car buying.
While cars do lose thousands of dollars in value once the owner drives it off the lot there can also be underlying issues for the low price compared to other traditional used cars.
Check Recall Status
Recalls don’t necessarily mean a car isn’t safe, but frequent recalls can create a lot of unnecessary headaches for consumers. Recalls do happen from time to time with just about every vehicle out there but some are more prone to frequent recalls.
Most are minor, but could be a cause for concern when comparing multiple options. You can check any existing recalls by make, model or with the VIN here.
Look Into Consumer Forums
Is there a reason this specific model is nearly new and for sale? Maybe it doesn’t handle as well or just feels off to consumers. It’s important to get the reaction and vibe from current (or former) drivers of the model you’re looking at for an unbiased opinion.
Private Inspection
You might not have to do this for a brand new car, but for a nearly new car there are a few underlying questions that can be answered by a private inspection. Someone who isn’t associated with the seller has no reason to hide anything, and if it’s in the condition it’s advertised to be this should be a quick and painless process.
IS GAP INSURANCE WORTH IT?
Gap insurance can prevent you from making payments on an already-totalled car, but is gap insurance worth it? We break down what gap insurance is, if it’s worth it, and more - simply and with plenty of examples.
Test Drive and Buy
This is the fun part! You will want to test drive and get a feel for this car like you would with any other. Maybe there isn’t damage but something is just off and that’s why it’s a nearly new car for sale. If you’ve made it this far, the vehicle is likely in stable condition and completed whatever need it was in use for.
So while there are many similarities to buying a traditional new or used car, buying a nearly new car just has a few extra things to consider. It’s important to stay patient and do your due diligence with the process before you commit.
The process doesn’t change all that much and shouldn’t take any longer, it’s just a different way to buy a car than many people are used to. It has great benefits, and very few downsides.
Get a Curated List of the Best Used Cars Near You
The CoPilot car shopping app is the easiest way to buy a car. Tell us what you’re looking for and we’ll search the inventories of every dealership in your area to make you a personalized list of the best car listings in your area.
Only looking for newer models? CoPilot Compare is the search engine for nearly-new cars. Only see cars five years or newer with low mileage — CoPilot Compare is the best way to find off-lease, early trade-in, and CPO cars.
The best part? CoPilot is built using the same technology that dealerships use to buy and sell their inventories, so we have more info on each vehicle than competitors. CoPilot doesn’t work with dealerships, so there are no sponsored posts or other shady practices — just the most info on the best cars. Check out our About Us page to see how CoPilot works.
