Shop One of the Best Used Car Lots in the Triad Piedmont Area
Over the past few years, consumers have increasingly turned toward the used car market. With soaring new car prices, many consumers are finding themselves unable to afford a brand-new car. In 2017-2018, 50% of the total car sales, were 6 to 10-year-old cars. Moreover, with the current economic status, J.D. Power forecasts used car prices to fall 7% through June. If you’re in the market for a quality pre-owned car, now is the best time to buy. And when searching for used car lots with an extensive inventory, shop Peters Auto Mall.
A family-owned business located in Greensboro and High Point, Peters Auto Mall wants to be your source for quality used vehicles. Started by Kevin and Angie Peters in 1993, the business has grown into the Piedmont Triad’s #1 used car dealership. We’re dedicated to friendly sales and quality customer service. Our goal is to give you the best car-buying experience ever.
Additionally, our huge inventory of cars, trucks, SUVs, and vans is online, so you can browse at your convenience. To provide you with quality vehicles, we carefully inspect each one before putting it on our lot. Plus, we offer financing options that fit your budget, even if your credit is less than perfect. We have been helping local customers with their financing for over 25 years. Using only trusted finance sources, we’ll discover the best rates and payment options for you. Furthermore, we accept trade-ins and have a service department to maintain your car after the sale.
Depreciation: The Curse of Brand-New Car Buying
When you buy an asset, it has a certain value. Certain assets like houses can gain value while others like cars lose value. Age combined with wear and tear as you drive your vehicle all decrease its worth. Notably, brand-new cars lose much of their value in the first few years. In fact, you may expect to lose almost 50% of its value within the first 3 years. That’s half the value of the car in a short time-span!
Generally, depreciation is largely dependent on several factors including the make and model, miles driven, and upkeep. Thus, the rate of depreciation is unique to each individual automobile. However, the rate of depreciation is much slower on a used car. On average, a used car loses only about 10% of its value annually. The original owner lost the most, since they owned it in the first couple of years. This is why many experts agree that buying a used car is financially smart.
Additionally, cars last much longer today than even just a few years ago, due to improvements in technology. Advancements in powertrain, rust prevention, lubricants, and other components have increased reliability and durability. Whereas once automobiles barely made it to the 100,000-mile benchmark, vehicles today can last up to 200,00 miles and beyond.
Other Benefits of Buying a Used Car
Soaring new car prices make new vehicles unaffordable or undesirable to many customers. With an ever-widening gap between new and used car prices, many more consumers are choosing used vehicles. In 2018, the price gap between a new and 3-year old vehicle was 62%. Thus, if you opt to buy a brand-new car, you may only be able to afford a base trim model. However, if you choose a used automobile, you may be able to afford a car with more luxury features.
Furthermore, certain fees that are based on the fair market value of the vehicle will be less. In North Carolina, the DMV collects a highway-use tax when you purchase a car. Similar to a state sales tax, the fee is 3% of the automobile’s purchase price. Additionally, North Carolina also has a personal property tax on motor vehicles based on the value. The lower amount on these fees alone may save you hundreds of dollars.
What About a CPO?
While shopping for a quality used car, you may come across the term CPO or certified pre-owned. These are vehicles that are in excellent condition with low mileage, that manufacturers have extensively inspected. Most often, they come with a manufacturer’s warranty as well as perks such as free roadside assistance. Despite giving consumers peace of mind, they do come with a hefty price over the rest of the used car selection.
At Peters Auto Mall, we price our vehicles competitively and thoroughly inspect them. Each vehicle undergoes an extensive 125-point inspection before we place it on our lots. We spend an average of 12 hours per vehicle confirming every aspect is safe, reliable, and at peak performance. You’ll drive off our lot worry-free knowing you’ve got a fabulous car at a great deal.
Research Tools Make Used Car Buying Easy
With today’s online tools, it’s never been easier to find a quality pre-owned car. Moreover, doing your research can save you money and disappointment. It’s discouraging to find out you can’t afford the car you’ve looked forward to owning.
First, determine the price you can afford. There are many online calculators like this one from Credit Karma to help you determine your loan amount. If possible, get pre-approved for a loan before shopping. At Peters Auto Mall, we have financing options no matter what your credit history. From any of our webpages, click on the “Get Pre-Approved” link on the top right-hand corner. We’ll pre-approve you for the maximum amount possible without any cost or obligation. And we don’t require your social security number, so we don’t impact your credit score by our process.
Once you know how much you can spend, build a list of vehicles you’re interested in. You can visit sites like US News & World Report which highlight the best-used cars for every budget. Their ratings combine opinions from automotive experts and data on safety, reliability, and cost of ownership. Additionally, the National Highway Traffic Safety Administration provides safety rankings to help consumers make smart decisions about safety.
After you’ve narrowed down your options to 3 or 4 vehicles, it’s time to start shopping. When you find a car that you like, take it for a test drive. However, even before you get behind the wheel, evaluate the condition of the vehicle. Open and shut all the doors, hood, and trunk making sure they latch securely. While you’re driving, note the handling of the vehicle. Make sure the transmission shifts smoothly and check the brakes. If you uncover any problems, be sure to address them before you sign a sales agreement.
Don’t Forget the Vehicle History Report!
Necessary when buying a used car, a vehicle history report tells you everything about a car’s past. Carfax is perhaps the most widely known and used. There is also Autocheck. and a few other lesser-known companies that create these reports. Most dealerships will provide a vehicle history report on any car you’re interested in for free. Simply ask for one for any car you are considering buying.
These reports contain a wealth of information to help you make a good decision. Reports include previous owners, current odometer reading, recalls, accidents, service history, and use. So, you can check if the previous owners properly maintained the car. You can compare the report’s odometer reading to the current mileage to ensure accuracy. Sometimes the information in the report can even help you negotiate a better purchase price.
Typically, mileage is one important consideration most car buyers scrutinize when buying a used car. According to the 2018 US Department of Transportation statistics, the average motorist drives 13,476 miles annually. Although it seems reasonable to assume a car with low mileage is a better buy, look at all the factors. Some brands generally last longer than others and are more reliable. The owner’s history of performing routine maintenance is also an important consideration. A vehicle that receives regular service will last longer than a vehicle that does not receive routine maintenance.
How Much of a Down Payment Should I Put Down?
Generally, you should make as large a down payment as you can afford. A large down payment means a lower monthly payment. Plus, you’ll be paying less interest over the term of the loan. Moreover, you’ll gain more equity in the car. As a rule of thumb, many financial experts suggest trying to put at least 20% down.
Also, if you’re seeking financing through your lender, a substantial down payment represents less risk. Some banks may even give you a lower interest rate. Furthermore, your down payment doesn’t have to be only in the form of cash. Many car dealers accept trade-ins used against the purchase price of your new vehicle.
How Does a Trade-in Work?
Often, when you’re looking for a new vehicle, you have an old one you’ll no longer need. Many dealerships will take ownership of your old vehicle and use the value towards the down payment. Simply bring some paperwork including title and registration with you. Then after signing some documents, you can trade in your old vehicle to buy a new one. At Peters Auto Mall, we have on-site appraisers to evaluate your old automobile. Our appraisers undergo special training to make sure you get top dollar for your trade-in.
Stop into one of our convenient locations to receive a fast, hassle-free offer. You never need an appointment. In as little as 20 minutes, we’ll appraise your car. We check the history report, review the condition inside and out, and take the car for a test drive. Then, we’ll make you an offer; one that is good for 7 days. So, you can go home and think about it without feeling pressure.
Indeed, you can sell your old vehicle on your own. However, this can be a time-consuming prospect with safety concerns. First, you must advertise your car. Then, you must meet with strangers. Moreover, it can take weeks, if not months, to sell your old car. Whereas if you trade your vehicle in with us, you could be driving your new vehicle the same day.
Forget about Traveling Between Many Used Car Lots
You don’t need to visit countless used car lots to find what you need! Peters Auto Mall has the automobile for you. Now, with our new lot on North Main Street in High Point, we have even more vehicles to choose from. Moreover, just let us know what you’re interested in and we’ll have the vehicles ready to test drive.
Plus, we accept trade-ins to apply towards your new purchase. Combined with our financing options, you’ll find we’re your one-stop shopping for quality used cars. Even if you have bad credit, we can find financing for you. We’ll uncover the best rates with monthly payment options you can afford.
Furthermore, we’re here for you after the sale too. To keep your car running optimally, we have an outstanding service department. We offer complete auto repair services on all makes and models of cars. With fast and efficient service, we’ll have you back on the road quickly and safely.
So, give us a call at 336-434-1600. One of our friendly team members will be happy to answer any questions. Additionally, you can set up an appointment for a test drive or get an appraisal on your old vehicle. Buying a car doesn’t have to be a difficult process. At Peters Auto Mall, we make car buying an enjoyable experience. Guaranteed.