Even with the incredible rise in used-car values, it’s still a wise financial move to buy a 3-year-old car instead of a brand-new one. That’s because they have many of the same safety and comfort features found in brand-new cars.
Should you buy a 3-year-old car?
Even with the incredible rise in used-car values, it’s still a wise financial move to buy a 3-year-old car instead of a brand-new one. That’s because they have many of the same safety and comfort features found in brand-new cars. This strategy also allows buyers to get a vehicle that’s almost equivalent to a new car, but at a lower price.
Should you buy a used car?
If you’re looking for the ideal used car bargain, buy as old a car as you’re comfortable driving that’s in good condition and reflects diligent care from the former owner. You can’t beat that bargain by buying new or even nearly new. However, keep in mind that modern safety features won’t be available in many older models.
What is the average price of a 3-year-old car?
The average price of a 3-year-old car is $28,289, according to Edmunds. The average price of 5-year-old car is $23,110, saving you a bit more than $5,000. Buying a car that is only a few years old, compared to one that is a decade old, has benefits, Reiss says. “It hasn’t had the wear and tear on the engine and interior,” she says.
Are older cars cheaper?
Once you add in lower insurance and registration costs, older cars are even cheaper. KBB.com provided us with depreciation data on cars, SUVs, pickups, and vans from model years 2007 to 2016. On average, these cars lost one-third of their value in the first year and more than half their value by year four.
Which age is most likely to buy a car?
Car ownership by age Who buys new cars and trucks? When it comes to car ownership by age, buyers that are ages 25 to 54 purchase most new vehicles. Who buys SUVs?
What is the best age to buy a car?
We also looked at the ages of buyers for popular types of cars like sports cars, minivans, and trucks. Based on our data, you’re most likely to get a sports car when you’re very young (with a resurgence in interest at about 45 years old), a minivan when you’re around 35, and a truck when you’re between the ages of 25 to 50.
What car brands have the oldest and youngest buyers?
We found that Cadillac and Buick have the oldest buyers, with an average age above 45 years old. The brands with the youngest buyers are Mazda and Volkswagen, with an average age of approximately 37 years old. We also looked at the ages of buyers for popular types of cars like sports cars, minivans, and trucks.
What cars do people of all ages buy?
And while people of all ages buy most brands of cars, Cadillac and Buick have the oldest buyers on average, and Mazda and Volkswagen have the youngest buyers. Note: If you’re a company that wants to work with Priceonomics to turn your data into great stories, learn more about the Priceonomics Data Studio.
What is the average age of CarMax buyers?
Specifically, we looked at the average age of CarMax buyers by brand and by type of car. We found that Cadillac and Buick have the oldest buyers, with an average age above 45 years old. The brands with the youngest buyers are Mazda and Volkswagen, with an average age of approximately 37 years old.
