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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, publishing original and objective content. This allows you to conduct your own research and compare information 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 Earn Profit The products that appear on this website come from companies that pay us. This compensation could affect how and where products appear on the site, such as such things as the order in which they may appear within the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews that you see on this site. 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 Read The publication was published on March 02, 2023.
Authored 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 borrowing money to buy 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 confidence to manage their finances with precise, well-studied facts that break down complex topics into manageable bites. The Bankrate guarantee
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If you have questions about money. Bankrate has the answers. Our experts have been helping you master your finances for more than four years. We are constantly striving to provide consumers with the expert guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and accurate. Our award-winning editors and journalists produce honest and reliable information to assist you in making the right financial decisions. The content created by our editorial staff is objective, factual and is not influenced from our advertising. We’re honest regarding how 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 placement of sponsored products and, services, or through you clicking certain links posted on our website. So, this compensation can influence the manner, place and when products are listed, except where prohibited by law. We also offer mortgage and home equity products, as well as other home loan products. Other factors, like our own rules for our website and whether or not a product is offered in your region or within your personal credit score can also impact the way and place products are listed on this website. Although we try to offer an array of offers, Bankrate does not include details about every credit or financial item or product. A used car purchase over an entirely new one is a great option for many drivers. As the rates within the U.S. soar to record huge numbers, Americans are seeing its consequences at the supermarket checkout as well as at the . With new car costs hovering around $47,000 by the time 2022 begins, in accordance with Kelley Blue Book it is the ideal time to save some money and buy used . Buying used will save you money. Buying a second-hand car instead of buying a brand new one could help you save money in a variety of ways. A used car will cost less based on sticker price alone — but that’s not where the savings end. You will also be reaching for your wallet much lower than if you were driving an entirely new vehicle in terms of costs such as insurance, vehicle depreciation and other fees. The in the Fourth Quarter of 2022 for a used vehicle is $526, while drivers financing a new vehicle paid $716, according to . The savings of more than $180 per month adds up quickly, and you could save thousands of dollars by choosing a used car over the new model. Although paying a cheaper cost for the same vehicle model of an earlier year is the most obvious reason to purchase used cars but there are other reasons too. 5 advantages to buying used There are many reasons to buy used. Not all used cars are created equal. It is essential to know whether a vehicle you’re considering buying has a good condition or bad shape. With that in mind , here five top reasons to buy a used vehicle. 1. Less vehicle depreciation Vehicle is a fact of daily driving, however an used car has less depreciation than a new vehicle. New cars generally depreciate around 20% when removed from the dealership. The majority of cars be lost 10 percent in value within the first year. This is a loss of 30 percent within the initial year of ownership. The value of a used car decreases in a slower manner than a brand new one. This is because when you’re behind the wheel of the vehicle, it’ll already have experienced the major depreciation. Brand new vehicles depreciate at when 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 costs for insurance vary based on your experience with driving, your age and the credit score of your,, and your location. Typically — just as the vehicle will cost less — insurance for a used vehicle will be less expensive than that of a new vehicle. The most important factor to consider when deciding the value is the worth of the vehicle. Since a car is more expensive than a modern version, the price of insurance is likely to be lower. Regarding the recommended coverage, if your vehicle is older then you may be able to think about liability if your state allows it, as opposed to adding comprehensive and collision coverage if your vehicle is more modern. Insurance rates aren’t always uniform, so to save money, be certain to investigate your expected auto insurance cost before leaving the dealership. 3. Lower dealership costs Just as insurance prices differ by ZIP code, the charges that are associated with a used car aren’t identical across all 50 states. They are, however, less costly than the fees associated with a new vehicle because the cost for the car is much lower in the first place. This is especially true for any sales tax that you might be required to pay. In order to prepare for the extra charges that are associated with using , check your state DMV website for more information on the registration fee and title tax as well as documentation fees. 4. More bang for your buck Making the most of your car purchase is another advantage of buying used cars. You can save money by buying second-hand rather than new. If you have your sights set on a luxury vehicle but you’re not able to afford this year’s model. However, one that’s 2 or 3 years old may be more suitable for your budget. Also, it is important to take into consideration the fact that automakers have stopped re-designing their vehicles each year, so the tech and design differences could not be as noticeable. Consider these savings potential and compare which best suits your needs with the help of . 5. More peace of mind In the past, buying used vehicles was frowned upon and many drivers saw it as a risk However, the availability of car histories has changed the perception. The drivers now have access to information regarding the car’s owner as well as the history of accidents as well as status on the title, mileage, and much more. Before approving a used vehicle take advantage of websites such as Carfax and AutoCheck to view the history report of the car. Based on the car’s vehicle identification number, or VIN. These reports offer an array of valuable information including verification of mileage as well as whether the car was ever declared a complete damage by an insurer. Pre-owned certified if you’re worried about hidden issues that could be present in a used vehicle purchasing a certified used car could be the best option for you. You’ll still save money by buying an older car, but also you will also have more assurance of the quality of the car. Certified pre-owned or CPO programs differ from one manufacturer to the next. In essence, CPO cars are ones that meet a manufacturer’s established standards and carry some form of warranty against defects, similar to a warranty for new cars. To find out more, look through the inventory of the dealership for the CPO car you’re looking for. Every dealership uses its own terminology in relation to used choices, so make sure to explore online before visiting the showroom. A majority of these cars include additional warranties. Make sure you check the coverage to understand the scope of. Next steps Buying a used vehicle is an excellent option to take the wheel without spending the same amount as you would for a brand new vehicle. You’ll be rewarded with less depreciation on your vehicle and pay less on registration and insurance while still having assurance that your car is in great condition. When it is time to finance a car that is used, be sure to check for current rates so that you can be sure you are getting the best deal possible. That’s what financing can give. 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 in navigating the ins and outs of securely borrowing money to purchase cars. 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 the confidence to control their finances through providing clear, well-researched details that cut otherwise complicated topics into digestible pieces.
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