Even though we have to consider that many car companies are discontinuing car model productions, buying a discontinued car is still a good thing. Read more to learn why.
There are a couple of reasons why carmakers throw in the towel when producing specific car models. One of the main reasons they consider is that the models fall flat on sales, so they have to leave more room for new car models. Historically, Ford has already canceled Fusion, Taurus, and Fiesta, focusing more on producing SUVs and crossovers. As for 2021, BMW i8, Chevrolet Sonic, Cadillac CT6, and Dodge Grand Caravan, among others, are on the chopping block next year.
Do you know what are some of the discontinued cars this year? Click on the link.
Now, what if one of your dream cars is mentioned above? Should you not go for it still, or do you want to take a chance and buy it? This post will talk about the advantages that you get when you buy a discontinued car. We will also provide some tips on how to make the best out of your car purchase.
Why Is It Not That Bad To Buy A Discontinued Car
If you’re still on the fence with whether you should buy a discontinued car or not, you shouldn’t fret much on it. Here are some of the advantages you get when you buy a discontinued car.
You Will Still Have Service And Support Even If It Is Discontinued
One of the fears buyers have when buying a discontinued car is that there are no more service parts and support available to cater to their car problems. This is not entirely true. It is law that car makers should provide assistance and support to discontinued car owners for years to come. After 82 years of being in the market, Ford announced that they are closing down their Australian car brand Holden. However, they continued to provide service and support for about 10 more years. So, when you recently bought a new car that has been discontinued already, rest assured that there will be people who will help you out when it needs fixing.
Resale Value Can Go Higher Than Usual
One of the downsides of buying a discontinued car is that its value can go down to 20% when you resale it. This case only happens when the vehicle you’re buying is not that popular. When your car model has some considerable following, and the company decides to discontinue it, it becomes a rare commodity. Even if it doesn’t have better features and the newer models’ have better performance, many car collectors will try to buy it from you. This also happens with the recent closing of the Australian Holden company. Car collectors have been looking for the Commodore model for quite some time.
You Can Buy Them At Car Dealerships At A Discounted Rate
Sometimes, car dealerships will still have a few units left when car manufacturers decide to stop producing specific models. As a result, dealerships have to offer discontinued cars at a discounted price. Also, car dealerships may offer incentives, package deals, and financing options to entice buyers. There are two primary reasons why dealerships will sell discontinued cars at a slashed price. One, as mentioned, is to attract car buyers and car collectors to make the purchase. Two, they will try to empty their inventory to save room for the newer models.
Here’s Why You Shouldn’t Buy A Discontinued Car
Of course, not everything is going to be to your advantage. When you buy a discontinued car, here are some cons you have to consider first.
Car Parts Are Harder To Find
Yes, there will be service and support that you can reach out to if you have issues, but the car parts may be painstakingly difficult to find. Even if you find the car parts and accessories that you’re looking for, they might come at twice or thrice the price than when the car production was still ongoing. So, you need to really take care of the car to prevent damages and issues in the long run.
Maintenance Is Costly
This is connected to the first reason why you shouldn’t buy a discontinued car. You may have saved a lot from purchasing it from car dealerships that provide offers, but you may end spending more when it comes to maintenance. Did we mention that car parts and accessories may be a little bit expensive than their usual prices?
The Car May Be Potentially Dangerous
You have to do some research first before buying a discontinued car. Why? One of the ugly reasons why car makers stop creating specific car models is the vehicle being a safety hazard. When you haven’t done your research online before buying, chances are you will have a potentially dangerous car. So, when you see a discontinued car up for sale, you have to ask yourself why they stopped producing it.
Resale Value May Staggeringly Decrease
We’ve mentioned that one of the advantages of buying a discontinued car is price may go up when you resell. We’ve also noted that there’s a caveat to it; only if the model has a loyal following. When it doesn’t have any loyal fans, the carmaker’s resale value will decrease, especially if the carmaker is discontinuing due to low sales.
It All Boils Down To The Specifics
To help you out with your decision to buy a discontinued car or not, heres one thing to ponder before making that big purchase.
To summarize, the advantages that you get are more on how much money you save and the terms you can possibly get. The disadvantages are on the side of whether you’re getting the customer support you need or do they come with a price.
Also, you have to specify what is discontinued. Is it just a specific model or the manufacturer as a whole?
When you buy only a discontinued car, then you’re more likely to have a safe purchase. Only because a carmaker discontinued a model it doesn’t mean that the manufacturer is gone for good. For example, Ford is going to stop its Fusion range by next year, but Ford is and will still be around producing other models. Therefore, there’s only a minimal risk when you’re going to buy a Fusion today.
On the other hand, when a manufacturer closes down, then that’s a different kind of problem. Once a carmaker closes their doors, you will have a hard time looking for a car dealership to provide service and warranty claims. Although some warranty may work, you may need to negotiate it first.
Looking For Car Parts And Accessories
As we said earlier, car parts and accessories are hard to find when looking for a canceled model. It would be much easier when you know where to find them. If the car company just recently discontinued your model, then you can just go to places like Auto Zone, and you can find the parts you’re looking for most of the time but don’t delay, as they will only be available until supplies last. It is also wise to buy parts for spare. You will never know when auto stores stop selling parts for discontinued cars, so you should have something in store to use when your car has an issue in the future.
However, when you have a car that came from a defunct car company, it will be much harder to find parts and accessories. This holds true, especially if you own a vintage car. For that, you may need to look far and wide; you’d be lucky if you can find it in a city that’s near you. The good news is that you can use the Internet to look for the parts you need. Leave a post on FB pages, a Reddit sub-channel, and other forums dedicated to cars. They may not have what you’re looking for, but the people in the forum can lead you in the right direction.
When you’re planning to buy a car – whether discontinued or not – you can visit our marketplace. We have thousands of used cars available. Click here to check our used car listings.