Should I Buy a Used Car? Here's What You Need to Know.

Thinking of buying a used car? Get tips to avoid costly mistakes and find a reliable gem!

CHAPTERS

00:00 - Introduction to Buying a Used Car
02:37 - Overcoming Internal Doubts
04:40 - The Value of Used Cars
04:57 - Comparing New vs. Used
06:53 - Tips for Smart Car Buying
08:03 - Certified Pre-Owned Benefits
09:41 - Best Times to Buy
09:49 - Conclusion

VIDEOS to WATCH NEXT

STEVE'S RESEARCH NOTES

Depreciation of New Cars
New cars lose approximately 20-30% of their value in the first year and about 50% by year three. This rapid depreciation is well-documented across various vehicle types, making used cars a cost-effective choice for value retention.
Source: Kelley Blue Book, Edmunds3-Year-Old Cars and Reliability**

Buying a 2-3-year-old car often provides a significant price reduction (up to 40% off the original MSRP) with many cars still under manufacturer warranty, meaning reduced repair costs. Many vehicles in this age range maintain high reliability.
Source: Consumer Reports, U.S. News & World Report

Cre-Owned (CPO) Benefits
CPO vehicles come with manufacturer-backed warranties and undergo multipoint inspections, making them a reliable option for used car buyers who want peace of mind with lower costs than new cars.
Source: Autotrader, Edmunds

Financing and Credit Scores

Auto manufacturers are often more lenient on new car loans to promote new car sales. However, while financing options may be available, buyers with lower credit scores may face higher interest rates. Approved financing doesn’t guarantee affordability, so buyers are encouraged to budget carefully.
Source: Experian, NerdWallet

Timing for Best Uses

The best times to buy a used car include year-end, holiday weekends, and late fall. Dealerships aim to clear out inventory to make room for new models, resulting in potential savings for used car buyers.
Source: Edmunds, Kelley Blue Book

Importance of Pre-Purchase I and Vehicle History Reports

Pre-purchase inspections by a trusted mechanic are recommended for used car purchases to verify condition. Additionally, vehicle history reports help buyers avoid cars with hidden problems such as accident history, title issues, or past repairs.
Source: National Automobile Dealers Association (NADA), Carfax

Extended Warranties and Coverage
Extended warranties can vary widely in coverage, often excluding common repairs or wear-and-tear items, making it essential for buyers to review terms carefully to avoid unexpected costs.
Source: Consumer Reports, Warranty Week

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[alwayslearning]

Another tip from another old guy is to buy at the end of the month. Dealers will want to push their sales numbers up at this time and you can negotiate a better price. Also write the price you are willing to pay on one of their cards give it to them and tell them to phone you when they agree to that price. They will call you and try to get an agreement. Hold firm and eventually they will offer you a price very close to your price.

[ACDCLIFE]

Don’t talk about a trade-in until the finale price is confirmed you’ll then know your *real trade-in price.