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 offering you interactive financial calculators and tools that provide objective and unique content. We also allow users to conduct research and compare information for free - so that you can make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on the site, such as, for example, the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other home loan products. This compensation, however, does have no impact on the content we publish or the reviews that you see on this site. We do not include the entire universe of businesses or financial offers that may be open to you. SHARE Barry Austin Photography/Getty Images
4 minutes read. The publication was published on March 02, 2023.
Writer: 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 taking out loans to purchase an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing clear, well-researched information that breaks down complex topics into manageable bites. The Bankrate promise
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We receive compensation for placement of sponsored products and services or when you click on certain links posted on our site. This compensation could impact how, where and when products appear in listing categories, except where prohibited by law. This is the case for our mortgage and home equity products, as well as 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 personal credit score could also affect the manner in which products are featured on this website. We strive to offer an array of offers, Bankrate does not include the details of every financial or credit product or service. The option of buying a used car instead of an entirely new one is a great option for many motorists. While rates in the U.S. soar to record high numbers, Americans are seeing its impacts at the grocery store checkout as well as at the . And with the new vehicle costs averaging close to $47,000 in early 2022, in accordance with Kelley Blue Book it could be the best moment to save some cash and purchase a used . Buying used will save you money. Buying a second-hand vehicle instead of a brand new one can make a huge difference in several ways. A used vehicle will cost less based on cost of the sticker -- however, that's not where the savings stop. You will also be reaching for your wallet lower than if you were driving a brand-new vehicle in terms of fees, insurance and vehicle depreciation. In the fourth quarter of 2022 the price for a used vehicle is $526, while drivers financing a new vehicle paid $716, according to . Saving over $180 a month adds up quickly, and you could end up saving thousands of dollars by choosing an used vehicle over an entirely new one. While paying a lower purchase price for the same model from an earlier year is the most obvious reason to purchase a used car, there are others as well. Five benefits of buying used There are many reasons to buy used. Not all used cars are created equal. It is important to determine whether a vehicle you're considering buying can be considered in decent or poor condition. In that regard Here are five great advantages of buying a secondhand car. 1. A lower depreciation rate for vehicles is an unavoidable reality of the road, but a used vehicle offers much less value than a brand-new vehicle. New cars typically depreciate about 20% when taken off the lot. The majority of cars be lost 10 percent in value in the initial year. This is a loss of 30 percent during the first one-year period of ownership. A used vehicle depreciates at a lower rate than a new vehicle. This is because once you're driving of the vehicle, it'll have already undergone its major depreciation. Brand new vehicles depreciate at the moment they leave the showroom however a used car has a slower rate of depreciation and this means that you'll have a an increased stability in the ratio of loan to value. 2. Lower costs for insurance differ based on age, driving history as well as your rating on your credit, the mileage and your location. Typically -- just as the vehicle will cost less, insurance for a used vehicle is typically lower than that of a new car. A key factor in determining the value is the worth of the car. Since a car is more expensive than a modern version, the price of insurance will be lower. In terms of recommended coverage If your car is older then you may need to consider liability when your state permits it, and not add collision and comprehensive coverage when your car is more recent. Insurance rates aren't always uniform, so to save money, be sure to and research your expected auto insurance cost before driving off the lot of the dealer. 3. Lower dealer fees As insurance rates differ by zip code, the expected fees that come with your used car aren't identical across all 50 states. But they are less expensive than the costs for a brand new car since the price to purchase the automobile is much lower than the cost of the vehicle in the first place. This is especially true for any sales tax that you might be required to pay. To be prepared for the additional fees that come with used to purchase a vehicle, visit your state's DMV website for more information on title tax and registration fees and fees for documentation. 4. You get more value for your money Stretching your car-buying dollar is another advantage of buying a used car. You can buy more car by buying used instead of new. If you've got your eyes set on a luxury vehicle, you may not be financially able to afford the latest model, however one that's 2 or 3 years old could better fit your budget. It's also important to consider the fact that automakers have stopped re-designing their vehicles every year, meaning that the technology and design differences could be less noticeable. Consider these savings potential and then compare which one best suits your needs with an . 5. A greater sense of security the past, using used vehicles was frowned upon and many drivers viewed it as a risk however, the accessibility of car history reports has altered the landscape. Drivers can now access information about the vehicle's ownership history and accident history, status on the title, mileage, and more. Before approving a used vehicle take advantage of offerings from websites like Carfax and AutoCheck to view the history report of the car. Based on the vehicle's identification number, also known as a VIN. These reports offer an array of valuable information such as proof of mileage and whether the vehicle was ever declared a total damage by an insurer. A certified pre-owned vehicle is an option if you're worried about hidden issues that could be present in a used vehicle, purchasing certified pre-owned might be the best option for you. You'll still save money when you purchase a used car but you will also have more confidence in the security of the car. Certified pre-owned -- or CPO -- programs differ between manufacturers. In essence, CPO cars are vehicles that conform to a manufacturer's standards and come with a form of warranty against defects, like a brand-new car warranty. To do this, check inventory at the dealership for the CPO vehicle you are looking for. Each dealership has its own terminology when it comes to pre-owned alternatives, so be certain to do some research before going to the showroom. Many of these models also have additional warranties, so check the length of that coverage to understand what it includes. The next step is to purchase a used vehicle is an excellent opportunity to get behind the wheel without shelling out the same amount as you would on a brand new car. You'll experience lower depreciation costs and less on registration and insurance and still have assurance that your vehicle is in good condition. When the time comes to finance a used vehicle make sure you are for current rates so that you can be sure you are getting the best deal possible. This is what financing will bring. More SHARE with Leanr:
Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely taking out loans to purchase cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances with clear, well-researched details that cut complicated topics into digestible pieces.
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