Should I Buy a Discontinued Car?: Different Factors to Consider
Car models, even flagship ones, can get discontinued due to various reasons. This can be due to changes to consumer demands, commercial failure, or simply needing a long-overdue update.
At first glance, it might be counter-intuitive to buy a vehicle that’s no longer in regular production. This can be beneficial due to certain factors and give you other advantages and benefits.
How do you know if you should buy a discontinued car and if the purchase is a good deal? What are some of the factors you should consider? This blog will discuss what things you should look out for when you want to buy a discontinued vehicle.
Factors to Consider in Buying a Discontinued Car Model
Parts and Maintenance Support
One of the primary concerns when buying out-of-production vehicles is the availability of spare parts and maintenance support. One might think that these components might be difficult to source since the vehicle is already discontinued.
Fortunately, most manufacturers use similar or the exact same parts for some of their other models. Most parts are also interchangeable between various makes and models, so maintaining your ride won’t be as difficult. You can also find almost any part from aftermarket sellers or OEM dealers.
Pro-tip: If you’re still doubtful about a particular discontinued car model, you can look around the streets for similar vehicles. If a good number of that ride is being driven around, there’s a high chance it’s easy to maintain and find parts for.
Reliability
Are cars no longer made because they’re unreliable? No, most vehicles go out of production because they’re not selling enough to make a profit for their manufacturer. However, it doesn’t hurt to do a quick research or inspection before finalizing a purchase. For instance, some websites specialize in providing safety scores.
You can also read recall reports to know if the vehicle has known issues during its production life. Doing so will inform you how many car owners have experienced this complication and if the manufacturer has resolved these issues.
Value
The resale value of a preowned vehicle is an important factor to consider, regardless of whether the ride is still in production. Older or unpopular discontinued cars will often drop in market value due to their limited availability.
Car dealerships often want to get rid of discontinued models as fast as possible. They announce special offers or slash huge amounts on their final price during this. These incentives are a way to entice potential buyers. Some sellers are also open to negotiations so that you can haggle down to a more affordable price.
Potential to Earn Money
Despite dropping resale prices, some discontinued cars can increase in value if they are considered antiques or collectibles or become popular again. Some TV shows or movies feature vehicles, instantly making them in high demand in the market. In this case, you can grab the opportunity to make a profit by selling your car.
A Good Investment
Besides the potential to earn money, buying a discontinued car model can be a good investment if you are well-informed about that ride, have a trusted mechanic for maintenance and repairs, and know where to get needed parts and accessories. We don’t recommend first-time car owners buy a vehicle no longer in production unless they have a mechanic or expert to help them gauge how good or bad the deal will be.
A discontinued model is a financially good choice if you plan to retain your vehicle for the next few years. Slow-moving inventory in car dealerships often comes with freebies and incentives to make a sale and give way to new vehicles. You get your desired model at a fraction of its price.
Insurance and Financing
Getting insurance is essential for every vehicle as it will save you from unexpected expenses. The cost doesn’t change even if your car is canceled by its manufacturer. In fact, the vehicle type, your driving record, and the area where you live are factors that affect your insurance premium.
Moreover, buying discontinued car models often comes with 0% or low-interest financing, making it easier to get your desired ride, especially if you’re tight on a budget.
Next Generation
Another factor to consider in buying a discontinued car model is if the next generation is better. Manufacturers constantly improve their vehicle lineups by fixing complaints and adding new features. Choosing an older model might fall short of these changes and cause you to miss out on many useful improvements.
For instance, some latest vehicles have larger infotainment screens than their predecessors. A ride can also have different ways to connect a device, whether via Bluetooth or an auxiliary jack. Other changes you can enjoy include a more aerodynamic shape for better road performance and a more spacious interior for utmost comfort.
Safety features are also something to consider. Older vehicles might have fewer airbags or none at all, which can be dangerous in an accident. Most technological advancements are only introduced recently, such as driver-assist features that notify you whenever you’re leaving your lane or if there’s a pedestrian or obstacle behind you when driving in reverse.
Bottom Line: Discontinued Cars are Gone but not Forgotten
Not all discontinued car models are used. In fact, some are completely brand-new and just waiting for you to find them in a dealership near you. Being discontinued means the manufacturer has stopped rolling them out from the factory floor.
Buying a discontinued model is a personal choice. Like buying any other car, whether new or preowned, they have various advantages and disadvantages. Being a smart consumer is important to get the best deal and make your money’s worth.
Consider a Discontinued Vehicle as Your Next Ride
Consumer buying preferences and market trends constantly change, affecting the lifespan of vehicle models. At times, manufacturers discontinue a certain vehicle to make way for new ones. However, phased-out rides don’t necessarily mean they’re bad. We recommend reading the car model and checking reliability reports before committing to the purchase.
Read the VIP Automotive Group blog to learn more about getting the best vehicle deals.