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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 providing you with interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare information for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that appear on this website are provided by companies that compensate us. This compensation may impact how and when products are featured on this website, for example such things as the order in which they may appear within the listing categories, except where prohibited by law for our mortgage home equity, mortgage 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 cover the universe of companies or financial offers that may be accessible to you. Share: Barry Austin Photography/Getty Images

4 min 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 an expert in navigating the details of borrowing money to buy a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing concise, well-researched and well-organized information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate guarantee

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Therefore, this compensation may influence the manner, place and in what order items appear in listing categories, except where prohibited by law. This is the case for our mortgage or home equity, and other products for home loans. Other factors, such as our own proprietary website rules and whether or not 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. Although we try to offer the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. Purchasing a used car over the purchase of a brand new car is an excellent alternative for many drivers. While rates in the U.S. soar to record huge numbers, Americans are seeing its impacts at the grocery store check-out and in the . With new car costs averaging close to $47,000 as of early 2022 in accordance with Kelley Blue Book, it might be the perfect moment to save some cash and invest in a used . Buy used and save money Buying a used vehicle instead of a brand new one could save you big bucks in several ways. A used vehicle will cost less than the cost of the sticker — however, that’s not where the savings stop. Additionally, you’ll be reaching for your wallet lower than if you were driving the brand new car in terms of costs, insurance and vehicle depreciation. In the Fourth Quarter of 2022, the cost for a used vehicle is $526. Drivers financing a new vehicle paid $716 according to . The savings of more than $180 per month can add up quickly and you could end up saving thousands of dollars by choosing an older vehicle instead of the new model. Although paying a cheaper purchase price for the same car model of a different year is the most obvious reason to purchase used cars, there are others also. Five benefits of buying used There are many reasons to buy used. Not all used cars are identical. It is essential to know whether a car you are considering purchasing can be considered in decent or poor shape. In that regard , here five top motives to purchase a used car. 1. Depreciation of vehicles is a fact of driving, but an used car has less depreciation than a new vehicle. New cars generally depreciate around 20% when taken off the lot. The majority of cars also lose 10 percent of their value during the initial year. It’s a loss of 30 percent within the first year of ownership. The value of a used car decreases at a much slower rate than a new vehicle. This is because when you’re driving of the vehicle, it will already have experienced the major depreciation. Brand new vehicles depreciate at as soon as they leave the showroom however a used car is more depreciated, which means you’ll have higher stability for your loan-to-value ratio. 2. Lower costs for insurance differ based on experience with driving, your age as well as your credit score, mileage, and the location. The majority of the time — and just since the car is less — insurance for a used car will be less expensive than the cost of a brand new car. A key factor in determining the is the value of the car. Because a than a newer version, the price of insurance should be less. Regarding the recommended coverage, if your vehicle is old, then you may need to consider liability in the event that your state permits it, versus adding collision and comprehensive insurance if your vehicle is newer. However, insurance rates aren’t always uniform, so to save money, make sure to and 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 anticipated charges that are associated with a used car are not equally across the 50 states. However, they are much less than the costs associated with a new vehicle because the cost for the car is lower than the cost of the vehicle in the first place. This is especially true of any sales tax that you may have to pay. To be prepared for the additional charges that are associated with using to purchase a vehicle, visit your state’s DMV website for more information on the registration fee and title tax as well as documentation fees. 4. A lot more bang for your buck Making the most of your car purchase is another benefit that comes with buying an used vehicle. You can buy more car by buying used instead of new. If you’ve got your eyes for a luxurious car however, you might not be able to afford the latest model, however one that is about two or three years old might be more appropriate for your budget. Also, it is important to take into consideration the fact that car manufacturers do not have to redesign their vehicles each year, so the tech and design changes may be less noticeable. Estimate the savings you could save and then compare which one is the best for you using a . 5. More peace of mind In 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 perception. Drivers now can see details about the vehicle’s ownership history and accident history as well as the status of the title, mileage, and more. Before approving an used car, take advantage of offerings from websites like Carfax and AutoCheck to review the history report on the vehicle. Based on the vehicle’s identification number, also known as a VIN. The reports offer an array of valuable information including verification of mileage as well as whether the car was ever declared a total damage by an insurer. A certified pre-owned vehicle is an option if you’re worried about hidden issues that could be present in an older vehicle buying a certified pre-owned vehicle could be the best option for you. You’ll still save money when you purchase a used car but increase your assurance of the quality of the vehicle. Certified pre-owned — or CPO — programs vary from one manufacturer to the next. The basic concept is that CPO cars are ones that are in compliance with a manufacturer’s standards and carry some 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 terminology for pre-owned options so be sure to explore online before heading to the showroom. Most of these vehicles also come with additional warranties, so check the coverage to understand what it includes. Next steps Buying a used vehicle is a fantastic way to drive without spending as much as you would for a brand new vehicle. You’ll be rewarded with lower depreciation costs and less on registration and insurance and still have confidence that your vehicle is in great condition. When it is time to finance a car that is used, be sure to check for the latest rates to ensure you are getting the best deal possible. This is what financing will bring. 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 with the ways and pitfalls of borrowing money to purchase a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are enthusiastic about helping readers gain the confidence to manage their finances by providing concise, well-studied facts that break down complicated subjects into bite-sized pieces.

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