Whether you buy used cars, it pays to do your research. Learn about the vehicle model, safety record, insurance rates, and five-year cost to own before deciding what car is right for you. Be sure to consider the age of the car, too. A used car that’s already been through a couple of years can be as safe, reliable and comfortable to drive as a newer model, but costs less.

Less Depreciation

A new car loses value the moment you drive it off a dealer’s lot. That loss accelerates in the first year, with some models dropping 40% or more. A used car that’s several years old has already absorbed most of this depreciation.

You can also save money on fees associated with a new vehicle by buying used one. You’ll pay lower insurance rates and you won’t be hit with the registration or documentation fees that come with a new purchase.

More Choice

You’ll likely have more options when shopping for a used car since many dealerships use their inventory to make money on add-ons such as paint and fabric protection, anti-theft devices, and upgraded wheels. Private-party sellers often don’t sell these extras and you’ll have more freedom to negotiate an agreed-upon price without them being thrown in.

Both new and used cars come onto the market throughout the year, but if you want to avoid the new-car rush, you should start your search early and stay flexible with your criteria. It’s important to establish your budget, determine which features are a must and which are nice to have, then scour reviews and long-term performance reports to get the most bang for your buck.