Top advantages to buying a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and unique content, by enabling you to conduct research and compare data for free to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that appear on this site are from companies who pay us. This compensation may impact how and where products are displayed on this site, including for instance, the order in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. But this compensation does have no impact on the content we publish or the reviews that you read on this site. We do not include the entire universe of businesses or financial offerings that might be open to you. SHARE: Barry Austin Photography/Getty Images
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Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of borrowing money to purchase a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances through providing concise, well-researched and well-organized information that breaks down otherwise complex topics into manageable bites. The Bankrate promise
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There are money-related questions. Bankrate can help. Our experts have been helping you master your money for more than four years. We are constantly striving to give consumers the professional guidance and the tools necessary to succeed throughout life's financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and reliable. Our award-winning editors and journalists create honest and accurate information to assist you in making the right financial decisions. Our content produced by our editorial team is objective, factual and uninfluenced through our sponsors. We're transparent about the ways we're capable of bringing high-quality content, competitive rates, and helpful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and services, or through you clicking certain hyperlinks on our website. So, this compensation can influence the manner, place and in what order items appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage or home equity, and other products for home loans. Other factors, such as our own proprietary website rules and whether the product is offered in the area you reside in or is within your personal credit score can also impact the way and place products are listed on this website. Although we try to offer a wide range offers, Bankrate does not include details about every credit or financial products or services. A used car purchase over an entirely new one is an excellent option for many drivers. As rates within the U.S. soar to record levels, Americans are seeing its impacts at the grocery store check-out and in the . Also, with new vehicle costing close to $47,000 by the time 2022 begins, in accordance with Kelley Blue Book, now might be the perfect moment to save some cash and buy used . Buying used will save you money Going for a used car instead of buying a brand new one could save you big bucks in several ways. A used car will cost less based on cost of the sticker -- but that's not where your savings end. You will also be reaching for your wallet much smaller than you would if you owned an entirely new vehicle with regards to fees including insurance, depreciation of the vehicle and insurance. The in the 4th quarter in 2022, the cost for a used vehicle is $526, while drivers purchasing a brand-new car pay $716 according to . The savings of more than $180 per month can add up quickly and you could end up saving thousands of dollars by purchasing an used vehicle over a new one. Although paying a cheaper purchase price for the same car model of different year is an obvious reason to buy used cars There are other benefits too. 5 advantages to buying used Not all used cars aren't made equal. It is important to determine whether a vehicle you're considering buying can be considered in decent or bad condition. With that in mind below are five great reasons to buy a used vehicle. 1. A lower depreciation rate for vehicles is an unavoidable reality of the road, but an used car has less depreciation than a new vehicle. New vehicles typically appreciate around 20 percent when they are removed from the dealership. And most cars will lose another 10 percent in value within the initial year. That's a loss in value of 30 percent during the initial one-year period of ownership. A used vehicle depreciates at a much slower rate than a brand new one. This is because when you're driving of the vehicle, it'll already have experienced the major depreciation. Brand new vehicles depreciate at when they leave the lot However, a used car equals slower depreciation and this means that you'll have a an increased stability in the ratio of loan to value. 2. Lower insurance costs Insurance costs vary based on your experience with driving, your age, rating on your credit, the mileage and the location. Typically -- just since the car is less, the insurance cost for a used vehicle is typically lower than that of a brand-new car. The most important factor to consider when deciding the is the value of the vehicle. Because it is less expensive than a more modern version, the cost of insurance should be less. In terms of recommended coverage for your vehicle, if it is older then you may want to consider liability only when your state permits it, and not add comprehensive and collision coverage if your vehicle is newer. However, insurance rates aren't always consistent so to save money, be certain to investigate the expected cost of auto insurance before leaving the lot of the dealer. 3. Lower dealer fees As insurance varies by ZIP code, the expected charges that are associated with a used car are not equal across the 50 states. But they are less expensive than the costs associated with a new vehicle since the price for the car is much lower in the first place. This is especially true of any sales tax that you may have to pay. To be prepared for the additional fees that come with used , check your state DMV site for details on title tax and registration fees as well as documentation fees. 4. You get more value for your money Making the most of your car purchase is another benefit that comes with buying a used car. You can get more cars by buying second-hand rather than new. If you're set on a luxury vehicle, you may not be able to afford this year's model, but one that's about two or three years old could better fit your budget. Also, it is important to take into consideration the fact that carmakers have stopped re-designing their models every year, meaning that the technology and design differences could be less noticeable. Calculate these potential savings and then compare which one is the best for you using the help of . 5. Peace of mind the past, driving used vehicles was frowned upon and many drivers saw it as a threat However, the availability of vehicle histories has changed this landscape. Drivers can now access information regarding the car's owner and accident history and the status of the title, mileage, and much more. Before approving an used car, take advantage of the services offered by websites such as Carfax as well as AutoCheck to see history reports on the vehicle. Based on the vehicle's identification number, also known as a VIN, these reports offer various valuable information including verification of mileage and whether the vehicle was ever declared a complete damage by an insurer. A certified pre-owned vehicle is an option if you're still concerned about hidden issues that could be present in an older vehicle, purchasing certified pre-owned might be a great option for you. You'll still save money by purchasing an older car, but also gain additional confidence in the reliability of the vehicle. Certified pre-owned -- also known as CPO programs differ from one manufacturer to the next. In essence, CPO cars are vehicles that conform to a manufacturer's standards and have some type of guarantee against defects, similar to a warranty for new cars. To find out more, look through inventory at the dealership for the CPO vehicle you're searching for. Each dealership has its own terminology when it comes to pre-owned choices, so make sure to research online prior to heading to the showroom. Many of these models also include additional warranties, so check the assurance to find out what it includes. Following steps: Buying a secondhand vehicle is an excellent opportunity to take the wheel without spending more than you would for a brand new car. You will be met with less vehicle depreciation and spend less on registration and insurance but still be in confidence that your car is in good working order. When it is time to finance a used car make sure you are for the latest rates to ensure you are getting the best price available. And to that financing will bring. Leanr SHARE more:
This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of taking out loans to purchase an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing concise, well-studied details that cut otherwise complicated subjects into bite-sized pieces.
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