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Top advantages to buying a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct 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 Make Money The products that appear on this website are provided by companies that compensate us. This compensation can affect the way and when products are featured on this website, for example, for example, the sequence in which they appear in the listing categories, except where prohibited by law for our mortgage, home equity and other home loan products. However, this compensation will not influence the information we provide, or the reviews appear on this website. We do not contain the vast array of companies or financial offers that may be accessible to you. SHARE: Barry Austin Photography/Getty Images

4 minutes 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 ways and pitfalls of borrowing money to purchase 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 passionate about helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down complex topics into manageable bites. The Bankrate promises

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Therefore, this compensation may influence the manner, place and in what order products are listed and categories, unless it is prohibited by law for our mortgage and home equity products, as well as other products for home loans. Other factors, like our own proprietary website rules and whether the product is offered in your region or within your self-selected credit score range could also affect the manner in which products are featured on this website. We strive to offer the most diverse selection of products, Bankrate does not include information about every financial or credit products or services. The option of buying a used car instead of a new vehicle is a good option for many motorists. While rates in the U.S. soar to record levels, Americans are seeing its impacts at the grocery store checkout as well as at the . And with the new vehicle costs averaging close to $47,000 as of early 2022 as per Kelley Blue Book, it is the ideal opportunity to save money and buy used . A used car can save you money Going for a used vehicle instead of a brand new one can save you big bucks in a variety of ways. The cost of a used car is less than the sticker price alone — but that’s not where your savings end. It will also mean that you’ll reach to your wallet less than if you drove a brand-new vehicle in terms of fees, insurance and vehicle depreciation. The in the Fourth Quarter of 2022 for a used car is $526, while drivers financing a new vehicle paid $716, as per . A savings of over $180 per month adds up quickly, and you could save thousands of dollars by purchasing an older vehicle instead of a new one. Although paying a cheaper cost for the same car model that is from a different year is the obvious reason to buy an used car, there are others too. Five advantages of purchasing a used car There are many reasons to buy used. Not all used cars are created equal. It is important to determine whether a car you are considering purchasing has a good condition or poor shape. With that caveat below are five of the best advantages of buying a secondhand car. 1. Depreciation of vehicles is an unavoidable reality of daily driving, however an older vehicle has less value than a brand-new vehicle. New vehicles typically appreciate around 20 percent when they are removed from the dealership. And most cars will lose another 10 percent in value in the initial year. This is a loss of 30 percent within the first one-year period of ownership. A used vehicle depreciates at a lower rate than a brand new one. This is due to the fact that once you’re driving of the vehicle, it will have already undergone its major depreciation. Brand new vehicles depreciate at as soon as they leave the lot, but a used vehicle has a slower rate of depreciation 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, credit score, mileage, and your location. Typically — just as the vehicle will cost less, insurance for a used vehicle is typically lower than that of a brand-new car. One of the main factors in determining the is the value of the car. Because a than a newer version, the cost of insurance should be less. For coverage recommendations If your car is old, then you may want to consider liability only when your state permits it, versus adding comprehensive and collision coverage if your vehicle is more modern. Insurance rates aren’t always uniform, so to save money, be sure to and research the expected cost of auto insurance before leaving the dealership lot. 3. Lower dealership costs Just as insurance rates differ by zip code, the charges that are associated with a used car are not equally across all 50 states. They are, however, less costly than the fees for a brand new car due to the fact that the cost of the vehicle is less in the first place. This is especially true for the sales tax you might be required to pay. To be prepared for the additional charges that are associated with using the state DMV website for more information on title tax and registration fees as well as documentation fees. 4. You get more value for your money Stretching your car-buying dollar is another major benefit when you buy used cars. You can get more cars by buying second-hand rather than new. If you have your sights set on a luxury vehicle, you may not be able to afford the latest model, however one that’s 2 or 3 years old may be more suitable for your budget. It is also important to think about the fact that car manufacturers have stopped re-designing their vehicles each year, so the tech and design differences could be less noticeable. Consider these savings potential and compare which is the best for you using an . 5. More peace of mind In the past, buying used vehicles was frowned upon and many people saw it as a threat However, the availability of vehicle history reports has changed the landscape. Drivers can now access information about the vehicle’s ownership history and accident history and status on the title, mileage, and much more. Before signing off on the purchase of a second-hand vehicle, make use of offerings from websites like Carfax and AutoCheck to view the history report on the vehicle. Based on the vehicle’s identification number, also known as a VIN. The reports provide numerous valuable details including verification of mileage as well as whether the car was ever declared a total lost by an insurance firm. Certified pre-owned option If you are still worried about the possibility of hidden issues in an older vehicle purchasing a certified used car could be the best option for you. You will still save money when you purchase a used car but increase your confidence in the security of the car. Certified pre-owned — or CPO — programs differ from one manufacturer to the next. In essence, CPO cars are ones that conform to a manufacturer’s standards and have some type of warranty against defects, similar to a warranty for new cars. To find out more, look through inventory at the dealership for the CPO vehicle you are looking for. Every dealership uses its own terminology in relation to used options so be sure to research online prior to visiting the showroom. A majority of these cars have additional warranties, so make sure to check the duration of this assurance to find out what it includes. Following steps: Buying a secondhand vehicle is a fantastic opportunity to take the wheel without shelling out as much as you would for a new car. You’ll experience less vehicle depreciation and spend less on insurance and registration but still be in confidence that your vehicle is in good condition. When it is time to finance a used car make sure you are current so you know you are getting the best deal possible. That’s what financing can provide. Leanr more SHARE:

The article was 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 cars. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances with clear, well-researched facts that break down otherwise complicated topics into digestible pieces.

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