Is Buying a Discontinued Car Model a Mistake?
Find out if you’re getting ripped off on your car insurance in less than two minutes.
No long forms · No spam · No fees
Every year, car brands shed models that are underperforming models and replace them with newer styles to adapt to the changing market. In the last few years, that’s meant fewer and fewer actual cars were available to buy.
If you want to buy a new car, this trend might make it harder to find the right fit. You might find the model you want only to hear that it’s being discontinued. Should that stop you from buying it?
The answer is a little more complicated than you think. While many people avoid canceled cars, in reality, there are advantages to buying them. It all depends on the specific circumstances of the discontinuation and your plans as a car owner.
Buying a discontinued car model is a great way to save money up-front.
The perks of buying a discontinued car
The best thing about buying a canceled car is the low price. Dealers regularly slash prices on cars slated for discontinuation, hoping to get them off their lots to make room for new models.
Another great thing about buying a discontinued car is that you probably don’t need to worry about finding replacement parts.
Autotrader says car companies continue to manufacture parts for their discontinued models for years afterward, and third-party companies regularly build parts for them, too. Also, parts tend to be interchangeable between makes and models nowadays, so you’re likely to be able to repair your car for years to come.
Depending on the car, its value and “cool-factor” might increase after being discontinued. Being canceled means fewer of them will be on the road as the years go on. Especially for luxury and sports cars, a discontinued model could become a valuable collector car in the future.
The potential disadvantages of buying a canceled car
While there are clear benefits to buying a discontinued model, it’s not always the right decision to make.
It’s true that car parts will most likely be available for canceled cars down the line, but one exception exists—when the whole company, rather than just the model, disappears.
Most of the time, car brands get sold to other automakers rather than completely going under, but there are a few examples where this wasn’t the case. Buying a vehicle from a shuttered company will mean parts are more scarce than for other cars.
The other main disadvantage is the immediate rate of depletion. In most cases, the value of discontinued cars dips quickly in the first few years. For this reason, you should probably choose a vehicle that’s still in production if your plans for it are temporary.
Insurance for discontinued cars
The cost of car insurance doesn’t change if a car gets canceled by its maker. Premiums are much more affected by your vehicle’s type, your driving record, and where you live.
If you want to save money on car insurance, Jerry is a good place to start. A licensed broker, the Jerry app does all the hard work of finding the cheapest quotes from the top name-brand insurance companies and buying new car insurance. Jerry will even cancel your old policy for you.
And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price. This level of service is why Jerry earned a 4.6/5 rating on the App Store and made it the top insurance app in the country.