The Smart Way to Buy a Car: Why Older Models Are the Way to Go
As the cost of new cars continues to skyrocket, many are turning to older models as a more affordable alternative. And with good reason. According to industry experts, the average price of a new car has risen to a staggering $35,511, with tariffs on foreign-made steel and aluminum likely to drive up costs even further.
The Benefits of Buying Older
But here’s the good news: you can find reliable older cars for a fraction of the cost. Mark Holthoff, editor of used car site Klipnik, recommends setting a budget of around $5,000 to find a wide variety of cars with low mileage and excellent condition.
What to Look for in an Older Car
So, what makes a good used car? Matt Jones, senior consumer advice editor at Edmunds, recommends setting aside $1,500 for future repairs and maintenance. Additionally, it’s essential to check the car’s maintenance record, looking for signs of regular servicing and upkeep. A well-maintained car with original paint, excellent interior condition, and a clean accident history is likely to be a good investment.
Expanding Your Options
When shopping for an older car, consider models that don’t hold their value as well, such as Nissan Altimas or Hyundai Sonatas. Luxury divisions of reliable brands, like Lexus or Acura, can also offer a lot of bang for your buck. These cars may have been expensive when new, but their prices tend to drop significantly after 10 years.
The Final Check
Before making a purchase, consider getting a pre-purchase inspection. This can protect you against false representations and give you peace of mind. Inspections can vary in cost, but they’re often worth the investment.
By doing your research, setting a budget, and following these simple rules, you can find a reliable older car that meets your needs without breaking the bank.
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