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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 financial calculators and tools, publishing original and objective content, by enabling you to conduct research and compare data 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 come from companies that pay us. This compensation could affect how and where products are displayed on this site, including, for example, the order in which they may appear in the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other home loan products. This compensation, however, does not influence the information we provide, or the reviews that appear on this website. We do not cover the universe of companies or financial deals that could be available to you. SHARE: Barry Austin Photography/Getty Images

4 minutes read Read published March 02, 2023.

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is an expert in understanding the ways and pitfalls of borrowing money to buy an automobile. Written 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 with precise, well-studied information that breaks down complicated topics into bite-sized pieces. The Bankrate promises

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We are compensated in exchange for the promotion of sponsored goods and, services, or by you clicking on specific links on our site. So, this compensation can affect the way, location and in what order items appear in listing categories and categories, unless it is prohibited by law. We also offer mortgage and home equity products, as well as other products for home loans. Other factors, such as our own proprietary website rules and whether or not a product is available within your area or at your self-selected credit score range can also impact how and where products appear on this website. Although we try to offer a wide range offers, Bankrate does not include information about every credit or financial products or services. The option of buying a used car instead of the purchase of a brand new car is a great option for many drivers. As rates in the U.S. soar to record high numbers, Americans are seeing its consequences at the supermarket checkout and at the . And with the new vehicle costs hovering around $47,000 by the time 2022 begins, in accordance with Kelley Blue Book it could be the best time to save some money and buy used . Buy used and save money. Buying a second-hand car rather than a new one can make a huge difference in many ways. A used car will cost less than the price on the sticker alone, but that’s not where the savings stop. It will also mean that you’ll reach for your wallet lower than if you were driving an entirely new vehicle with regards to fees including insurance, depreciation of the vehicle and insurance. The in the Fourth Quarter of 2022 the price for an used car is $526. Those who finance a brand new car paid $716 according to . Saving over $180 a month adds up quickly and you could save thousands of dollars by purchasing an older vehicle instead of an entirely new one. While paying a lower cost for the same car model from an earlier year is the obvious motive to buy used cars, there are others also. Five benefits of buying used Used cars aren’t all created equal. You must before deciding if a used car has a good condition or poor condition. With that caveat , here are five great reasons to buy a used car. 1. A lower depreciation rate for vehicles is an unavoidable reality of the road, but a used vehicle offers much lower depreciation than a brand new vehicle. New cars generally depreciate around 20 percent when they are removed from the dealership. The majority of cars lose another 10 percent in value during the initial year. It’s a loss of 30 percent in the first year of ownership. A used vehicle depreciates at a lower rate than a brand new one. This is due to the fact that once you are behind the wheel of the vehicle, it’ll have already experienced its significant depreciation. Brand new cars depreciate the moment they leave the dealership, but a used vehicle equals slower depreciation so you’ll be able to have an increased stability in the ratio of loan to value. 2. Costs for insurance are lower. They differ based on age, driving record, the credit score of your,, and your location. Typically — just since the car is less, the insurance cost for a used vehicle will be less expensive than that of a new car. One of the main factors in determining the value is the worth of the vehicle. Because a than a newer version, the cost of insurance should be less. Regarding the recommended coverage, if your vehicle is older , you might be able to think about liability when your state permits it, as opposed to adding comprehensive and collision coverage if your vehicle is newer. But insurance rates are not always the same, so in order to save money, make certain to investigate your expected auto insurance cost before leaving the lot of the dealer. 3. Lower dealer fees As insurance prices differ by ZIP code, the expected costs associated with your used car are not equal across the 50 states. But they are less expensive than the fees associated with a new vehicle since the price of the vehicle is lower in the beginning. This is especially true for the sales tax you may have to pay. To prepare for the additional fees that come with used , check your state DMV site for details on the registration fee and title tax as well as documentation fees. 4. You get more value for your money Making the most of your car purchase is another major benefit of buying used cars. You can buy more car by buying used instead of new. If you have your sights at a high-end car but you’re not in a position to purchase this year’s model. However, one that is two or three years old may be more suitable for your budget. It’s also important to consider the fact that automakers do not have to redesign their vehicles every year, so the tech and design changes may not be as noticeable. Estimate the savings you could save and even compare which is the best for you using a . 5. More peace of mind In the past, using used cars carried a stigma and many drivers viewed it as a risk However, the availability of car history reports has changed the perception. Drivers can now access information about the vehicle’s ownership history, accident history, the status of the title, mileage, and more. Before signing off on the purchase of a second-hand vehicle, make use of offerings from websites like Carfax and AutoCheck to see history reports on the vehicle. Based on the vehicle’s identification number, or VIN, these reports give numerous valuable details such as proof of mileage of the vehicle and whether it was ever declared to be a total damage by an insurer. Certified pre-owned option If you’re still concerned about hidden issues that could be present in an older vehicle, purchasing certified pre-owned might be the right choice for you. It will save you money by buying a used car but increase your confidence in the reliability of the vehicle. Certified pre-owned — or CPO programs differ between manufacturers. The basic concept is that CPO cars are ones that meet a manufacturer’s established standards and come with a form of guarantee against defects similar to a warranty for new cars. To find out more, look through the inventory of the dealership for the CPO vehicle you’re searching for. Each dealership has its own language in relation to used options so be certain to do some research before going to the showroom. A majority of these cars come with additional warranties. Make sure you check the assurance to find out what it includes. Next steps Buying a used vehicle is a great opportunity to take the wheel without shelling out more than you would on a brand new vehicle. You will be met with less vehicle depreciation and spend less on insurance and registration while still having confidence that your car 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. That’s what financing can provide. More SHARE with Leanr:

This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely taking out loans to purchase an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing concise, well-studied facts that break down complex topics into manageable bites.

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