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 decisions by providing you with interactive tools and financial calculators that provide objective and unique content. We also allow users to conduct research and evaluate information for no cost and help you make financial decisions with confidence. Bankrate has agreements 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 site are from companies that compensate us. This compensation can affect the way and where products are displayed on this site, including such things as the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. This compensation, however, does affect the information we provide, or the reviews appear on this website. We do not include the universe of companies or financial offers that may be open 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 understanding 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 from late 2021. They are dedicated to helping readers gain confidence to take control of their finances with concise, well-researched and well-organized information that breaks down otherwise complex topics into manageable bites. The Bankrate promise
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We are compensated in exchange for the promotion of sponsored goods and services or when you click on certain hyperlinks on our website. Therefore, this compensation may affect the way, location and in what order products are listed and categories, unless it is prohibited by law. We also offer mortgage and home equity products, as well as other home lending products. Other elements, like our own proprietary website rules and whether or not a product is offered in your region or within your personal credit score can also impact the way and place products are listed on this website. We strive to offer an array of offers, Bankrate does not include details about every financial or credit product or service. Purchasing a used car over a new vehicle is a great option for many drivers. As the rates within the U.S. soar to record high numbers, Americans are seeing its effects at the grocery store checkout as well as at the . Also, with new vehicle costs hovering around $47,000 as of early 2022 as per Kelley Blue Book this could be the best time to save some money and buy used . Buying used will save you money Going for a used vehicle instead of a brand new one can save you big bucks in a variety of ways. A used vehicle will cost less than the price on the sticker alone, but that’s not where your savings end. Additionally, you’ll be reaching for your wallet much smaller than you would if you owned the brand new car in terms of costs, insurance and vehicle depreciation. The fourth quarter of 2022 for a used car is $526. Drivers financing a new vehicle paid $716, according to . A savings of over $180 per month adds up quickly, and you could end up saving thousands of dollars by choosing a used car over an entirely new one. Although paying a cheaper cost of purchase for the same car model that is from a different year is the most obvious reason to purchase used cars but there are other reasons as well. Five advantages of purchasing a used car Not all used cars aren’t identical. It is important to determine whether a vehicle you’re considering buying has a good condition or bad condition. With that caveat Here five top reasons to buy a used vehicle. 1. Depreciation of vehicles is a inescapable fact of the road, but an used car has less value than a brand-new vehicle. New cars generally depreciate around 20% when driven off the lot. The majority of cars be lost 10 percent in value during the initial year. It’s a loss of 30 percent during the initial calendar year. A used vehicle depreciates at a lower rate as a brand new car. This is because when you’re driving of the vehicle it will have already undergone its major depreciation. Brand new cars depreciate when they leave the lot however a used car has a slower rate of depreciation so you’ll be able to have higher stability for your loan-to-value ratio. 2. Lower costs for insurance differ based on age, driving record and the credit score of your, and your location. In general — since the car is less, the insurance cost for a used vehicle tends to be lower than that of a new vehicle. A key factor in determining the is the value of the vehicle. Because a than a newer version, the cost of insurance will be lower. Regarding the recommended coverage for your vehicle, if it is old, 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, make certain to investigate the estimated cost of your auto insurance before leaving the dealership. 3. Lower dealer fees As insurance varies by ZIP code, the expected charges that are associated with a used car aren’t identical across the 50 states. But they are less expensive than those for a brand new car due to the fact that the cost 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. In order to prepare for the extra fees that come with used , check your state 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 purchasing used rather than new. If you’ve got your eyes for a luxurious car, you may not be able to afford this year’s model. However, one that is two or three years old might be more appropriate for your budget. Also, it is important to take into consideration the fact that car manufacturers are no longer redesigning their vehicles each year, which means that the technological and style differences may be less noticeable. Consider these savings potential and then compare which one is the best for you using an . 5. More peace of mind In the past, driving used vehicles was frowned upon and many people saw it as a danger However, the availability of vehicle history reports has changed the perception. Drivers can now access information about the vehicle’s ownership history, accident history as well as status on the title, mileage, and much more. Before approving the purchase of a second-hand vehicle, make use of websites such as Carfax as well as AutoCheck to see history reports on the vehicle. Based on the vehicle’s identification number, or VIN. These reports provide various valuable information including verification of the mileage as well as whether the car was ever declared a complete lost by an insurance firm. A certified pre-owned vehicle is an option if you’re worried about hidden issues that could be present on a vehicle you’ve used before purchasing a certified used car could be the right choice for you. It will save you money by purchasing a used car but increase your confidence in the security of the vehicle. Certified pre-owned — also known as CPO — programs vary from manufacturer to manufacturer. In essence, CPO cars are ones that meet a manufacturer’s established standards and carry some form of guarantee against defects, like a brand-new car warranty. For this, you must check dealership inventories for the CPO vehicle you are looking for. Each dealership has its own language when it comes to pre-owned options so be certain to do some research before heading to the showroom. A majority of these cars include additional warranties, so check the length of that warranty to know the scope of. Following steps: Buying a secondhand vehicle is an excellent option to drive without spending the same amount as you would on a brand new vehicle. You’ll experience less depreciation on your vehicle and pay less on insurance and registration but still be in confidence that your car is in good working order. If you are looking to finance a used car, be sure to check for the latest rates to ensure you are getting the best deal possible. This is what financing will give. More SHARE with Leanr:
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 buy a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are enthusiastic about helping readers gain confidence to manage their finances with concise, well-studied facts that break down otherwise complicated subjects into bite-sized pieces.
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