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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 choices by offering you interactive tools and financial calculators that provide objective and unique content. This allows you to conduct your own research and evaluate information for no cost and help you make informed 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 Earn Money The products that appear on this site are from companies who pay us. This compensation may impact how and where products are displayed on the site, such as, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. But this compensation does affect the information we provide, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Barry Austin Photography/Getty Images
4 minutes 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 ways and pitfalls of taking out loans to purchase cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances by providing concise, well-researched and well-organized information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate promises
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There are money-related questions. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We strive to continuously provide consumers with the expert guidance and the tools necessary to be successful throughout their financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our content is honest and precise. Our award-winning editors and journalists produce honest and reliable content to help you make the best financial choices. The content we create by our editorial team is objective, truthful and is not influenced by our advertisers. We're open about the ways we're in a position to provide quality information, competitive rates and helpful tools to our customers by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and services or by you clicking on certain hyperlinks on our site. Therefore, this compensation may impact how, where and when products are listed in the event that they are not permitted by law. We also offer mortgage, home equity and other products for home loans. Other factors, like our own rules for our website and whether the product is available in your region or within your self-selected credit score range could also affect the manner in which products are featured on this site. While we strive to provide a wide range offers, Bankrate does not include the details of every credit or financial products or services. The option of buying a used car instead of the purchase of a brand new car is an excellent option for many motorists. While rates of inflation in the U.S. soar to record levels, Americans are seeing its consequences at the supermarket checkout and at the . With new car costing close to $47,000 by the time 2022 begins, in accordance with Kelley Blue Book, now is the ideal opportunity to save money and invest in a used . A used car can save you money Buying a used vehicle instead of a brand new one could help you save money in many ways. A used vehicle will cost less than the sticker price alone -- but that's not where the savings stop. You will also be reaching for your wallet smaller than you would if you owned a brand-new vehicle with regards to fees, insurance and vehicle depreciation. The in the Fourth Quarter of 2022 the price for an 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 save thousands by going for a used car over a new one. While paying a lower purchase price for the same model that is from different year is an obvious motive to buy used cars There are other benefits too. Five benefits of buying used Used cars aren't all created equal. It is important to determine if a used car can be considered in decent or poor condition. In that regard Here five top advantages of buying a secondhand car. 1. Less vehicle depreciation Vehicle is a fact of daily driving, however a used vehicle offers much less value than a brand-new vehicle. New cars generally depreciate around 20 percent after they've been taken off the lot. And most cars will be lost 10 percent in value during the first year. It's a loss of 30 percent within the first calendar year. A used vehicle appreciates in a slower manner than a new vehicle. This is because once you're behind the wheel of the vehicle it will have already experienced its significant depreciation. New cars appreciate the moment they leave the lot However, a used car is more depreciated, which means you'll have an increased stability in the ratio of loan to value. 2. Costs for insurance are lower. They depend on your age, driving history and rating on your credit, the mileage and the location. The majority of the time -- and just since the car is less -- insurance for used vehicles tends to be lower than that of a new vehicle. A key factor in determining the is the value of the vehicle. Because it is less expensive than a more modern version, the price of insurance will be lower. In terms of recommended coverage If your car is older , you might need to consider liability in the event that your state permits it, and not add comprehensive and collision coverage if your vehicle is more modern. But insurance rates are not always uniform, so to save money, make certain to research your expected auto insurance cost prior to leaving the dealership lot. 3. Lower dealership fees Just as insurance rates differ by zip code, the expected costs associated with your used car are not identical across the 50 states. But they are less expensive than the costs for a brand new car because the cost for the car is lower in the beginning. This is especially true for the sales tax you may have to pay. To prepare for the additional costs associated with the use of the state DMV website for more information on title tax and registration fees and documentation fees. 4. More bang for your buck The ability to stretch your budget for car purchases is another major benefit when you buy a used car. You can buy more car by purchasing used rather than new. If you have your sights set on a luxury vehicle however, you might not be able to afford the latest model, however one that's 2 or 3 years old could better fit your budget. It is also important to think about the fact that carmakers do not have to redesign their vehicles every year, so the tech and style differences may be less apparent. Calculate these potential savings and compare which is the best for you using the help of . 5. Peace of mind the past, buying used vehicles was viewed as a risk and many drivers viewed it as a risk however, the accessibility of car history reports has altered the landscape. The drivers now have access to information regarding the car's owner and accident history, title status, mileage and more. Before you sign off on an used car, take advantage of offerings from websites like Carfax and AutoCheck to view the history report for the vehicle. Based on the vehicle's identification number, or VIN. The reports provide an array of valuable information including verification of the mileage as well as whether the car was ever declared to be a total lost by an insurance firm. Certified pre-owned option If you are still worried 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 used vehicle, but you will increase your assurance of the quality of the vehicle. Certified pre-owned -- or CPO programs differ from one manufacturer to the next. The basic concept is that CPO automobiles are those that conform to a manufacturer's standards and carry some form of guarantee against defects, like a brand-new car warranty. To do this, check the inventory of the dealership for the CPO car you're looking for. Every dealership uses its own lingo in relation to used options so be sure to explore online before heading to the showroom. A majority of these cars come with additional warranties, so check the duration of this coverage to understand what it includes. Next steps Buying a used vehicle is a fantastic option to drive without shelling out as much as you would on a brand new vehicle. You'll be rewarded with lower depreciation costs and less on insurance and registration but still be in peace of mind that your vehicle is in good condition. When the time comes to finance a used car, be sure to check for current rates so that you can be sure that you're getting the most favorable deal available. That's what financing can give. More SHARE with Leanr:
This article is 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. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are enthusiastic about helping readers gain confidence to take control of their finances through providing precise, well-researched and informative facts that break down otherwise complicated topics into digestible pieces.
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