Used Cars - How Old is Too Old?
If you're shopping for a used car, you've probably asked yourself a simple question: How old is too old? According to Bumper , a digital platform that provides vehicle history reports, age may not matter as much as you think. The company surveyed more than 2,100 consumers via Reddit and asked them one question: At what age does a used car become too risky to buy? The most common response wasn't a specific age at all. Most people said mileage and vehicle history were more important than model year. The second most common answer was “8 and 10 years old.” That's interesting, but the real story emerges when you compare depreciation and repair costs. The Sweet Spot May Be Six Years Old Consider what happens to the average new vehicle. Bumper cites data showing the average new car costs about $48,841. During the first year alone, it loses roughly 20 to 30 percent of its value. That's around $12,000 that’s just gone before many owners even schedule their first oil change...