So, you鈥檙e ready to take the leap.
Your current vehicle is starting to show its age and a replacement is in order.
But a new car just isn鈥檛 in the cards, so a less-expensive used car it will be, but that still leaves open the question of how old or recent a model you should get.
The answer may not be as obvious as it appears that it might be on the surface.
Newer used cars generally will have more up-to-date technology, usually have lower mileage and are less likely to experience problems than older models. But older used cars may cost less and still be safe and reliable, which could be an important consideration if you鈥檙e on a tight budget.
So, where do you go from there in looking for your next used vehicle?
鈥楤alance of value and risk鈥�
As you would expect, opinions vary, and, ultimately, yours is the one that matters most.
鈥淏uying a used vehicle means finding the right balance of value and risk,鈥� said Consumer Reports. 鈥淭wo- and three-year-old used vehicles are often the best values. Not only is the price lower than a comparable new car鈥檚, but continuing ownership expenses such as collision insurances and taxes are lower, and [it] has already taken its biggest depreciation hit.鈥�
For most Americans 鈥� 58 percent 鈥� that, indeed, means buying a used car three years old or newer, but the average age of used cars sold last year was 4.1 years, said Edmunds Used Vehicle Market Report.
And owners also are keeping their vehicles longer than ever before 鈥� with an average vehicle age of around 11.5 years 鈥� because of significant increases in safety and reliability. That means tens of millions of vehicles on U.S. roads are 12, 13, 14 years old or more.
That leaves a lot of leeway for accommodating your particular circumstances. Still, there are some guidelines you can follow to get the right vehicle for your needs.
Reliability, safety, equipment?
鈥淚f you鈥檙e interested in buying a used car, you might be wondering how far back you can go to find a vehicle meeting your needs,鈥� wrote Doug DeMuro at autotrader.com. 鈥淭here are three different options depending on whether you鈥檙e interested in reliability, safety or equipment.鈥�
In his article, What鈥檚 the Oldest Used Car You Should Consider, DeMuro wrote that:
- 鈥淚f you鈥檙e interested in safety, there are two general rules. The more expensive the car was originally, the better it will be; and the newer the car is, the better it will be.鈥�
- 鈥淚f reliability is your top priority, you probably don鈥檛 want to buy a vehicle that鈥檚 too old. The older a car is, the less reliable it鈥檚 likely to be, even if it鈥檚 a well-maintained, low-mileage vehicle.鈥� If you鈥檙e buying a higher mileage vehicle, the newer the model the better.
- 鈥淕enerally speaking, newer vehicles will be better than older ones鈥�. We suggest going for the newest possible model you can find if you鈥檙e looking to maximize your equipment.鈥�
Following the guidelines suggested above and then staying within your budget 鈥� monthly payments and overall 鈥� should help you get a vehicle that will fit your needs for years to come. Whether it鈥檚 two years old, 4.1 years old or a little older than that really depends on your situation.
There is no one-size-fits-all solution, because buying a used vehicle is about which solution fits you.
