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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 smarter 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 compare data for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this site are from companies who pay us. This compensation can affect the way and where products appear on this site, including, for example, the sequence in which they appear in the listing categories and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other products for home loans. However, this compensation will not influence the content we publish or the reviews appear on this website. We do not contain the entire universe of businesses 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 is a specialist in helping readers with the details of borrowing money to purchase an automobile. The article was 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 take control of their finances by providing clear, well-researched information that breaks down complicated subjects into digestible pieces. The Bankrate guarantee

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So, this compensation can affect the way, location and when products appear in listing categories in the event that they are not permitted by law for our mortgage and home equity products, as well as other home lending products. Other factors, such as our own rules for our website and whether or not a product is offered in your area or at your self-selected credit score range could also affect the way and place products are listed on this website. While we strive to provide the most diverse selection of products, Bankrate does not include the details of every credit or financial product or service. Purchasing a used car over the purchase of a brand new car is an excellent option for many drivers. As rates within the U.S. soar to record huge numbers, Americans are seeing its consequences at the supermarket check-out and in the . With new car costing close to $47,000 by the time 2022 begins, in accordance with Kelley Blue Book this is the ideal opportunity to save money and invest in a used . Buying used will save you money. Buying a second-hand car rather than a new one can save you big bucks in many ways. A used car will cost less on the basis of cost of the sticker — but that’s not where your savings end. Additionally, you’ll be reaching for your wallet less than if you drove an entirely new vehicle in terms of fees, insurance and vehicle depreciation. The fourth quarter of 2022, the cost for an used car is $526. Drivers purchasing a brand-new car pay $716, as per . A savings of over $180 per month adds up quickly, and you could save thousands of dollars by choosing an older vehicle instead of the new model. While paying a lower purchase price for the same car model from different year is an most obvious reason to purchase an used car, there are others also. 5 advantages to buying used There are many reasons to buy used. Not all used cars are made equal. You must before deciding whether a vehicle you’re considering buying can be considered in decent or poor shape. With that in mind Here are five great advantages of buying a secondhand car. 1. Depreciation of vehicles is an unavoidable reality of driving, but an used car has less depreciation than a new vehicle. New vehicles typically appreciate around 20 percent when they are driven off the lot. And most cars will lose another 10 percent in value within the initial year. That’s a loss in value of 30 percent during the initial calendar year. A used vehicle depreciates in a slower manner than a new vehicle. This is because once you’re behind the wheel of the vehicle, it will already have experienced the major depreciation. New cars appreciate as soon as they leave the lot However, a used car is more depreciated, which means you’ll have a more stable loan-to-value ratio. 2. Lower insurance costs Insurance costs depend on your experience with driving, your age and the credit score of your,, and location. The majority of the time — and just since the car is less, the insurance cost for used vehicles is typically lower than the cost of a brand new vehicle. One of the main factors in determining the value is the worth of the car. Because it is less expensive than a more modern version, the price of insurance is likely to be lower. In terms of recommended coverage If your car is older , you might want to consider liability only when your state permits it, and not add collision and comprehensive coverage when your vehicle is newer. However, insurance rates aren’t always uniform, so to save money be sure to and research your expected auto insurance cost prior to leaving the dealership lot. 3. Lower dealership fees Just as insurance prices differ by ZIP code, the anticipated fees that come with your used car are not equal across all 50 states. However, they are much less than the costs associated with a new vehicle due to the fact that the cost of the vehicle is lower in the beginning. This is especially true of the sales tax you might be required to pay. To be prepared for the additional fees that come with used , check your state DMV website for more information on the title tax, registration fees as well as documentation fees. 4. A lot more bang for your buck The ability to stretch your budget for car purchases is another advantage of buying used cars. You can buy more car by buying used instead of new. If you’re set on a luxury vehicle but you’re not in a position to purchase the latest model, however one that’s about two or three years old may be more suitable for your budget. It’s also important to consider the fact that automakers have stopped re-designing their vehicles every year, so the tech and design changes may not be as noticeable. Calculate these potential savings and compare which is right for you with an . 5. Peace of mind the past, driving used cars carried a stigma and many drivers viewed it as a threat however, the accessibility of car histories has changed the perception. The drivers now have access to information about a car’s ownership and accident history, title status, mileage and more. Before signing off on the purchase of a second-hand vehicle, make use of the services offered by websites such as Carfax as well as AutoCheck to see history reports for the vehicle. Based on the car’s vehicle identification number, or VIN, these reports provide numerous valuable details such as proof of mileage and whether the vehicle was ever declared a complete loss by an insurance company. Certified pre-owned option If you are still worried about potential hidden problems on a vehicle you’ve used before buying a certified pre-owned vehicle could be the right choice for you. You’ll still save money when you purchase a used car but you will also have more confidence in the reliability of the car. Certified pre-owned — also known as CPO — programs differ between manufacturers. The basic concept is that CPO cars are vehicles that conform to a manufacturer’s standards and have some type of guarantee against defects, like a brand-new car warranty. For this, you must check dealership inventories for the CPO car you’re looking for. Each dealership has its own terminology in relation to used alternatives, so be sure to research online prior to heading to the showroom. Many of these models also have additional warranties, so make sure to check the length of that coverage to understand what it includes. The next step is to purchase a used vehicle is a fantastic way to take the wheel without having to pay more than you would for a new vehicle. You’ll experience less depreciation on your vehicle and pay less on registration and insurance while still having confidence that your vehicle is in good working order. When it is time to finance a used car, be sure to check current so you know you are getting the best deal possible. And to that financing will give. Leanr SHARE more:

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 borrowing money to purchase a car. Edited 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 control their finances by providing clear, well-researched details that cut complex topics into manageable bites.

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