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The “Used Car — New Car” Debate

Professionals within the automotive and vehicle finance sectors concur that pre-owned vehicles provide numerous outcomes for buyers. To mention a few top reasons;

Depreciation saves money. The previous owner will bear the brunt of a value decrease of as much as 50% in the first three years and to a lesser extent after. Three-year-old cars in good shape are still pretty much in pristine condition. This makes them the best bang for the buck, especially for buyers on a tight budget. 

As per iSeeCars’ report, here are the ten most rapidly depreciating cars in 2023. The average five-year depreciation rate as per 2022 data is 33.3 percent.

Opting for a used vehicle can substantially boost your buying potential and expand your selection range by cutting down on your potential expense. For instance, with the funds you will typically allocate towards a new midsize car, you could acquire a better one or other vehicle types you fancy. 

The latest data on the top 20 “best for the money” secondhand vehicles were listed by iSeeCars in December 2022. They are as follows:

The downside to these cars is that roughly half of their lifespan was already spent by the time they got their current market values. If longevity is what matters to you, then you are lucky to have this CNBC’s list of 10 cars with the best potential for lifespan (compiled from the same iSeeCars report above).

Cheaper auto insurance. Generally, insurance premiums are less expensive with pre-owned vehicles because the preexisting conditions of their components may no longer be excellent. So, choosing a used car makes practical sense even if some financing is in order. 

Surely, you wouldn’t want your insurance charges to be absurdly high. For reference, you can read Nerd Wallet’’s 2021 list of the top 10 cheapest autos below. 

1. Subaru Outback ($1,336 annually)
2. Subaru Forester ($1,347 annually)
3. Honda CR-V ($1,359 annually)
4. Jeep Wrangler ($1,406 annually)
5. Hyundai Tucson ($1,406 annually)
6. Mazda CX-5 ($1,412 annually)
7. Ford Escape ($1,427 annually)
8. Honda Pilot ($1,442 annually)
9. Chevrolet Equinox ($1,459 annually)
10. Ford F-150 ($1,465 annually)

Used Car Buying Tips For Getting Great Car Deals

Used cars can be a risky purchase because scams can easily conceal a vehicle’s true condition and value, leaving you with a worthless car and a lighter wallet. Scam artists can create fake documents, alter the odometer reading, and hide mechanical issues to make the car appear more desirable, solid, and reliable than it actually is. That’s why it’s incredibly important to make an informed decision when buying a used car. 

Do your research, ask for a vehicle history report, inspect the car thoroughly, and take it for a test drive before making a final offer. The more informed you are, the more likely you’ll be able to spot scams and get great car deals that will save you money and give you a dependable ride.

Here are some of the basic things you can do to gain valuable vehicle information:

1. Consult online resources: Consult online resources such as review websites, car blogs, and forums to gather information about the specific car model you are interested in. Car and Driver and Edmunds are good examples of these online resources. Through online resources, you can gain insight into common issues, known faults, and the overall reliability of the car, as well as to get ideas on reasonable prices.

2. Read vehicle history reports: Obtain a vehicle history report prior to signing the bill of sale. This car report will provide you with important information such as any previous accidents, sales and ownership timeline, specifications, and potential issues. It will also give you an idea of the car’s title history, warranties, insurance, safety, and more.
   

3. Personal inspection: You should personally inspect the car you are interested in purchasing. Check the exterior and interior of the car with your own eyes and ands, test all the gadgets and electronics, observe any signs of wear and tear, and test everything from the wipers to the radio.

4. Professional car diagnostics: Have the car inspected by a professional mechanic. Many specialize in checking used cars for any existing or potential faults. This diagnostics inspection will identify any underlying or mechanical issues that might not be immediately apparent to those with untrained eyes.
   

5. Test drive: Do not skip the test drive when checking out your prospective cars. Before handing over your payment, you should double check the brakes, acceleration, and the car’s handling, as well as getting an idea of the general feel of the car. Test driving the car will give you a good idea of whether you are comfortable with the vehicle and whether it meets your needs before making any final decisions.