If your main objective is to save money, chances are you’ll come out way ahead when buying a used car.
Not only are new cars significantly more expensive; they also depreciate at a much higher rate and come with new car fees. The price difference between a new car versus one that is a few years old can be quite significant.
A brand new car can depreciate in value by as much as thirty percent within the first 12-16 months. Estimate how much your car will be worth in a few years bu using a source like KBB. Different models and makes may depreciate at various rates and some may hold their value better than others.
If you want piece of mind you may want to consider certified pre-owned autos. These programs generally only offer later model vehicles with relatively low miles. Autos are generally available with a warranty for additional piece of mind. The only caveat is that CPO vehicles tend to be more expensive versus a typical used car.
Run a Carfax report prior purchase in order to find out if the vehicle in question has been involved in any major accidents. The report will also indicate the numer of previous owners.