‘Thank Me Later’ Expert Explains Why Used Cars Are Better Purchases Than New Cars
An expert on TikTok recently shared five solid reasons why buying a used car is a better deal than purchasing a new one. So, for anyone thinking about buying a car in the near future, his advice might make a lot of sense.
Granted, buying a new car is usually more fun. Nothing beats that new car smell, as they say. Plus, who doesn’t love looking at the odometer and seeing a number in single digits? Buying a new car is great.
However, as Andy of Andy’s Auto Advice on TikTok explains so well, there are a lot of significant benefits of buying a used car. With over 3.2 million likes and over 122,000 followers, he must be doing something right.
Five reasons why buying a used car is a better purchase than a new one
Depreciation is the first reason he cites for buying a used vehicle rather than a new one.
“When you buy a brand new car right off the lot, it’s going to depreciate 40% within the first five years of ownership,” he explains. “And that’s no joke.”
He goes on to point out that a five-year-old vehicle is “really not that old for a modern car.” So if you can save approximately 40% on the price, why not do it?
The second reason to buy a used vehicle is that it has lower overhead costs. Insurance will cost less, the license and registration should cost much less, and the tax paid on a new vehicle is higher than on a used car.
The third reason why buying a used car is better than purchasing a new one may be a big surprise
Reason number three why buying a slightly used vehicle is smarter is that they can actually be more reliable. While he admits that “it may sound crazy, it’s very true.”
“If you buy a car with, say, 50- 60,000 miles on it, that’s a few years old, compared to a brand new model, a lot of the quirks and kinks and problems have already been worked out on that used vehicle,” he explains. “Whereas with a new vehicle, it may be a brand new model year and may have a lot of new features that have not been tested yet, and that car can end up sitting at the dealership with problems that you are not expecting.”
He next says the fourth reason is that manufacturers generally built older vehicles better. He claims this has become increasingly true over time.
“New cars are constantly being made cheaper, lighter, and faster than older models because these large corporate entities want to save money and make more money for themselves,” he says. “So they are going to find every way they can to cut costs on new vehicles.”
And finally, reason number five for buying a used vehicle is that repairs will be less expensive. Parts for a new car will be much more expensive, he points out.
“As time goes on, the older the car, the cheaper the parts tend to be,” he says, adding that this applies to cars that are even just three-to-five years-old.
