Top advantages to buying a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and unique content. This allows you to conduct your own research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that pay us. This compensation could affect how and when products are featured on the site, such as for instance, the order in which they may appear in the listing categories, except where prohibited by law. Our mortgage or home equity products, as well as other products for home loans. But this compensation does not influence the content we publish or the reviews that you read on this site. We do not cover the entire universe of businesses or financial deals that could be accessible to you. Share: Barry Austin Photography/Getty Images
4 min read published March 02, 2023.
Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of borrowing money to buy an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to manage their finances with clear, well-researched facts that break down complicated topics into bite-sized pieces. The Bankrate guarantee
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We are compensated in exchange for the placement of sponsored products and, services, or when you click on certain links posted on our site. This compensation could influence the manner, place and in what order products are listed in the event that they are not permitted by law for our mortgage, home equity and other products for home loans. Other factors, such as our own rules for our website and whether the product is available in your area or at your own personal credit score can also impact how and where products appear on this site. Although we try to offer an array of offers, Bankrate does not include details about every financial or credit item or product. Purchasing a used car over an entirely new one is a great alternative for many drivers. As the rates in the U.S. soar to record huge numbers, Americans are seeing its consequences at the supermarket checkout and at the . And with the new vehicle costs hovering around $47,000 by the time 2022 begins, in accordance with Kelley Blue Book now could be the best 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 make a huge difference 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 smaller than you would if you owned an entirely new vehicle in terms of fees such as insurance, vehicle depreciation and other fees. The in the 4th quarter in 2022, the cost for an used car is $526, while drivers who finance a brand new car paid $716 according to . Saving over $180 a month adds up quickly and you could end up saving thousands by going for an used vehicle over an entirely new one. While paying a lower cost for the same car model that is from a different year is the obvious motive to buy a used car, there are others also. 5 advantages to buying used Not all used cars aren't created equal. It is essential to know if a used car is in good or poor condition. With that caveat below are five great advantages of buying a secondhand car. 1. Depreciation of vehicles is a inescapable fact of driving, but a used vehicle offers much lower depreciation than a brand new vehicle. New cars typically depreciate about 20 percent when they are taken off the lot. The majority of cars lose another 10 percent in value within the initial year. That's a loss in value of 30 percent in the initial year of ownership. The value of a used car decreases in a slower manner as a brand new car. This is because when you're driving of the vehicle, it'll have already undergone its major depreciation. Brand new vehicles depreciate at as soon as they leave the dealership however a used car has a slower rate of depreciation, which means you'll have a more stable loan-to-value ratio. 2. Lower costs for insurance depend on your age, driving history, credit score, mileage and the location. The majority of the time -- and just because the car will cost less, the insurance cost for a used car will be less expensive than that of a new vehicle. A key factor in determining the is the value of the car. Since a car is more expensive than a modern version, the cost of insurance will be lower. In terms of recommended coverage If your car is older then you may need to consider liability if your state allows it, and not add comprehensive and collision coverage if your vehicle is newer. Insurance rates aren't always the same, so in order to save money be certain to research your expected auto insurance cost prior to leaving the lot of the dealer. 3. Lower dealership fees Just as insurance rates differ by zip code, the fees that come with your used car are not equally across all 50 states. However, they are much less than the costs associated with a new vehicle since the price of the vehicle is lower in the first place. This is especially true for the sales tax you may have to pay. To be prepared for the additional costs associated with the use of to purchase a vehicle, visit your state's DMV site for details on the registration fee and title tax as well as documentation fees. 4. More bang for your buck Making the most of your car purchase is another benefit that comes with buying an used vehicle. You can get more cars by purchasing used rather than new. If you have your sights at a high-end car but you're not in a position to purchase the latest model, however one that is two or three years old could better fit your budget. It is also important to think about the fact that automakers are no longer redesigning their vehicles each year, so the tech and design differences could not be as noticeable. Estimate the savings you could save and then compare which one is the best for you using a . 5. More peace of mind In the past, using used cars carried a stigma and many drivers saw it as a threat However, the availability of vehicle histories has changed the landscape. Drivers now can see details regarding the car's owner, accident history and status on the title, mileage, and more. Before signing off on the purchase of a second-hand vehicle, make use of websites such as Carfax and AutoCheck to see history reports on the vehicle. Based on the car's vehicle identification number, or VIN, these reports offer various valuable information including verification of the mileage as well as whether the car was ever declared a total loss by an insurance company. Pre-owned certified if you are still worried about the possibility of hidden issues in an older vehicle, purchasing certified pre-owned might be the right choice for you. You will still save money when you purchase an older car, but also increase your confidence in the security of the car. Certified pre-owned or CPO -- programs differ from manufacturer to manufacturer. The basic concept is that CPO cars are vehicles that meet a manufacturer's established standards and have some type of warranty against defects, similar to a new-car warranty. To find out more, look through inventory at the dealership for the CPO vehicle you're searching for. Each dealership has its own lingo for pre-owned choices, so make sure to research online prior to going to the showroom. Many of these models also come with additional warranties. Make sure you check the duration of this assurance to find out the scope of. Following steps: Buying a secondhand vehicle is an excellent option to drive without shelling out as much as you would for a new car. You'll experience less depreciation on your vehicle and pay less on registration and insurance and still have confidence that your vehicle is in good condition. When the time comes to finance a car that is used make sure you are current so you know that you're getting the most favorable deal available. And to that financing will bring. Leanr more SHARE:
The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of taking out loans to purchase a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances with precise, well-researched and informative details that cut otherwise complicated topics into digestible pieces.
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