The Big Value Of Buying A 3 Year Old Used Car, Versus Buying A New Car

Should I buy a new car, or a used car? A late-model used car can be one of the best values you’ll find when buying a used car. With relatively low mileage, modern safety and convenience features, and usually a much lower price than similar new vehicles, those used cars are in the “sweet spot” of auto buying deals.

A Consumer Reports study of car owner costs shows that choosing a three-year-old used car instead of a new one can save you thousands of dollars over the first five years. In many cases that’s enough to pay for all of your gas during that time.

According to the used car savings analysis, buying a 2005 Toyota Camry with a V6 engine, for example, could save you about $13,000 over five years compared with buying a new 2008 version. At $4 per gallon, you could pay for all of your gas during that period (based on driving 12,000 miles a year) and still be almost $2,500 ahead.

Similarly, buying a three-year-old Ford Focus can save you more than $8,000 over the first five years, or the equivalent of four years of free gas, compared with buying a new Focus.

Need a large SUV but you’re scared of the dismal fuel economy? With demand for big SUVs plummeting and their used-car values dropping, you could save $25,500 over five years—or the equivalent of seven-and-a-half years of free gas—by buying a three-year-old Chevrolet Tahoe instead of a new one.

On average, you can save 32% in the first five years, by buying a three-year-old car. Similarly, with a one- or two-year-old car, you can save 19% and 27%, respectively.

Another big plus is the ability to get a more upscale model with more features for the same owner cost, as a less expensive new car. Buying a new $28,000 Ford Mustang V6 convertible, for example, would cost you about $42,500 over five years. For about the same five-year cost, you could buy a three-year-old Porsche Boxster Roadster, which is priced at almost $50,000 when new and is a more highly rated, fun-to-drive sports car.

Instead of buying a new Toyota Camry V6, you could own a three-year-old Lexus LS 430 luxury sedan for about $2,000 less over five years. The Lexus provides a roomy, better equipped cabin and a quieter, more pampering driving experience. Or you can pass up a new Ford Focus for a three-year-old version of the impressive Infiniti G35 sports sedan.

West Valley Auto Plaza’s goal is to get you back on your feet in a good reliable pre-owned vehicle that you can afford at a fair price regardless of your credit situation. This is what we’ve done for over 11 years now, and this is what we’ll do for you. Feel free to shop around and see what others have to offer. We know you’ll end up choosing us, because we are the best out there, and we won’t jerk you around!