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Top advantages to buying a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing objective and original content, by enabling users to conduct research and compare data for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that appear on this site are from companies that compensate us. This compensation may impact how and where products are displayed on the site, such as for instance, the order in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the information we publish, or the reviews you see on this site. We do not contain the universe of companies or financial deals that could be available to you. Share: Barry Austin Photography/Getty Images
4 min read Published March 02, 2023
Writer: Rebecca Betterton 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 an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances through providing precise, well-studied facts that break down complicated topics into bite-sized pieces. The Bankrate promise
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You have money questions. Bankrate can help. Our experts have helped you understand your finances for more than four decades. We strive to continuously give consumers the professional guidance and the tools necessary to succeed throughout life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our content is honest and reliable. Our award-winning editors and journalists create honest and accurate content that will help you make the right financial decisions. Our content produced by our editorial staff is objective, truthful, and not influenced from our advertising. We're honest regarding how we're in a position to provide quality information, competitive rates and helpful tools for you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and services or by you clicking on specific links on our site. So, this compensation can influence the manner, place and when products appear in listing categories in the event that they are not permitted by law for our mortgage or home equity, and other home lending products. Other elements, like our own rules for our website and whether a product is available within the area you reside in or is within your own personal credit score may also influence the way and place products are listed on this site. We strive to offer an array of offers, Bankrate does not include details about each credit or financial products or services. Purchasing a used car over an entirely new one is a good alternative for many drivers. As the rates within the U.S. soar to record high numbers, Americans are seeing its impacts at the grocery store checkout and at the . Also, with new vehicle costing close to $47,000 by the time 2022 begins, as per Kelley Blue Book this is the ideal time to save some money and purchase a used . A used car can save you money. Buying a second-hand car instead of buying a brand new one can make a huge difference in many ways. A used vehicle will cost less than the price on the sticker alone, however, that's not where the savings stop. Additionally, you'll be reaching to your wallet smaller than you would if you owned the brand new car in terms of costs, insurance and vehicle depreciation. The in the fourth quarter of 2022 the price for a used car is $526. Drivers purchasing a brand-new car pay $716, according to . Saving over $180 a month can add up quickly and you could save thousands by going for an older vehicle instead of a new one. While paying a lower purchase price for the same car model of a different year is the obvious motive to buy used cars There are other benefits as well. 5 advantages to buying used Not all used cars aren't identical. It is important to determine if a used car can be considered in decent or poor condition. With that in mind Here are five of the best advantages of buying a secondhand car. 1. Less vehicle depreciation Vehicle is an unavoidable reality of the road, but an used car has lower depreciation than a brand new vehicle. New cars generally depreciate around 20 percent after they've been removed from the dealership. The majority of cars also lose 10 percent of their value in the initial year. That's a loss in value of 30 percent during the first one-year period of ownership. The value of a used car decreases at a lower rate than a brand new one. This is because once you're driving of the vehicle, it will have already undergone its major depreciation. Brand new vehicles depreciate at when they leave the dealership, but a used vehicle is more depreciated so you'll be able to have higher stability for your loan-to-value ratio. 2. Lower insurance costs Insurance costs depend on your age, driving history as well as your the credit score of your,, and your location. In general -- as the vehicle will cost less -- insurance for a used car will be less expensive than the cost of a brand new car. One of the main factors in determining the is the value of the vehicle. Because it is less expensive than a more modern version, the cost of insurance will be lower. For coverage recommendations for your vehicle, if it is older , you might be able to think about liability in the event that your state permits it, and not add collision and comprehensive insurance if your vehicle is newer. But insurance rates are not always uniform, so to save money, make certain to research the estimated cost of your auto insurance before leaving the dealership. 3. Lower dealership fees Just as insurance rates differ by zip code, the expected costs associated with your used vehicle are not created identical across all 50 states. However, they are much less than those associated with a new vehicle because the cost for the car is lower in the first place. This is especially true of any sales tax you may have to pay. To prepare for the additional fees that come with used the state DMV site for details on the registration fee and title tax and documentation fees. 4. A lot more bang for your buck Making the most of your car purchase is another major benefit when you buy used cars. You can buy more car by buying second-hand rather than new. If you're set on a luxury vehicle but you're not able to afford this year's model. However, one that is 2 or 3 years old could better fit your budget. Also, it is important to take into consideration the fact that automakers are no longer redesigning their vehicles each year, which means that the technological and design differences could be less noticeable. Estimate the savings you could save and compare which best suits your needs with a . 5. More peace of mind In the past, using used vehicles was viewed as a risk and many people saw it as a danger however, the accessibility of car history reports has altered the landscape. The drivers now have access to information about the vehicle's ownership history, accident history and status on the title, mileage, and more. Before approving an used car, take advantage of websites such as Carfax or AutoCheck to review the history report of the car. Based on the car's vehicle identification number, also known as a VIN. The reports give an array of valuable information such as proof of mileage of the vehicle and whether it was ever declared a complete loss by an insurance company. A certified pre-owned vehicle is an option if you're worried about potential hidden problems in an older vehicle buying a certified pre-owned vehicle could be a great option for you. You'll still save money when you purchase an older car, but also gain additional confidence in the reliability of the car. Certified pre-owned -- also known as CPO -- programs vary from one manufacturer to the next. In essence, CPO cars are vehicles that meet a manufacturer's established standards and carry some form of warranty against defects, similar to a warranty for new cars. For this, you must check the inventory of the dealership for the CPO car you're looking for. Each dealership has its own lingo when it comes to pre-owned options so be sure to explore online before visiting the showroom. Most of these vehicles also include additional warranties, so check the warranty to know the scope of. Next steps Buying a used vehicle is an excellent option to drive without spending the same amount as you would for a brand new car. You will be met with lower depreciation costs and less on insurance and registration and still have assurance that your car is in good condition. When the time comes to finance a car that is used ensure that you check for the latest rates to ensure that you're getting the most favorable price available. This is what financing will bring. More SHARE with Leanr:
The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely borrowing money to buy a car. 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 enthusiastic about helping readers gain confidence to manage their finances with clear, well-researched information that breaks down complicated topics into digestible pieces.
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