Photo: Travis Okulski / Business Insider
Buying used can be a great way to save money on a great vehicle, and whether you’re pro-used car or anti-used car, you can’t debate the fact that used cars lose a great deal of their value within the first few years of ownership.Nowhere is this especially true than with used luxury vehicles, which lose much more of their value over the first 5-6 years than an economy vehicle does over the same period. If you’re looking for leather interiors and seat warmers, used may be a great option.
The blog Carsabi has the data to back up this assertion, as well as some other helpful used car shopping tips to help you make the most of money when you go to buy your next vehicle.
They point out that compared to a car like a Toyota Camry, a Mercedes-Benz E320 loses a much larger percentage of its value (approximately $12,000/year) over the same period despite its higher price. For the buyer, that means that the car you’ve always wanted with all of the features you want may be available—just a little older than you may have initially thought.
Yes, as some of you have noted, you should take total cost of ownership into account when shopping for any vehicle. That luxury car you got a great deal on will have luxury-priced repair and maintenance costs.
Carsabi also notes that not bothering to trade in your old vehicle, getting a vehicle history report, and finding an OCD mechanic to lend a hand can also save you serious money before you buy. Do you have any other ways to save money when you go shopping for used cars? Share your tips in the comments below.
Business Insider Emails & Alerts
Site highlights each day to your inbox.