Buying a used car today is not for the faint of heart (or wallet). The semiconductor chip shortage slowed new car production so much that used cars became in high demand; used cars were selling for more than the MSRP of a new model. Despite that foolishness, good used car buying practices are still as wise as they ever were. That said, here are three reasons why buying a five-year-old used car is the best way to go.
When it comes to buying a used car, the bottom line for most of us is budget. Buying a used car that’s five years old is a great way to get a model that’s fairly modern with paying the premium. Consumer Reports shows that after five years, most cars have experienced the majority of their new car depreciation. This means that you can buy a newer used car without taking a massive hit by putting 30,000 miles on it.