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How long does the average American use a new car before buying a new one?

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How long does the average American use a new car before buying a new one?. 5 years. Shopping for a Car. Unit 9. New or Used?. Benefits of buying new More reliable than a used car (usually) Lasts longer than a used car (usually) There’s no history You know what you’re getting

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new or used
New or Used?
  • Benefits of buying new
    • More reliable than a used car (usually)
    • Lasts longer than a used car (usually)
    • There’s no history
      • You know what you’re getting
    • Customization options
      • Get it exactly how you want it
    • Could be safer than a used car
      • Newer safety technology
new or used1
New or Used?
  • Benefits of buying used
    • CHEAPER!
    • Less depreciation than a new car
      • A new car loses 11% of its value the moment you drive it off the lot
      • During the first 5 years, the car depreciates between 15% and 25% each year
      • After 5 years, the car has lost 63% of its value
    • Could be just as reliable, safe, and last just as long as a new car
used car private or dealership
Used Car: Private or Dealership?
  • Benefits of buying from a private owner
    • Cheaper
      • Owner probably isn’t trying to make a profit
  • Benefits of buying from a dealership
    • Might offer warranty
    • Certified used cars are thoroughly checked
lemon laws
Lemon Laws
  • Protect you if you buy a REALLY bad car
    • If your breaks down and cannot be fixed after 4 repair attempts, it is considered a “lemon”
    • You are entitled to a full refund or replacement at the manufacturer’s expense
  • Usually only apply to new cars, not used
    • Some states do have used-car lemon laws (not IN)
research
Research
  • Ways to research cars
    • Online
      • Edmunds.com, kbb.com (Kelly Blue Book), cars.com, etc
    • Car review magazines
    • Word of mouth
      • Ask around
    • Test drive
      • How does it sound? How does it feel?
    • Have a mechanic look at it (especially used cars)
quick review
Quick Review
  • What might be some reasons why you would NOT want to buy a new car?
    • Depreciation, more expensive
  • Why might it be a better idea to buy a used car from a private owner?
    • Get it cheaper
  • If you buy a new car with a lot of defects, what protections are in place to make sure you aren’t getting stuck with a piece of junk?
    • Lemon Laws
  • True or False: Car manufacturers have made it difficult to research for cars when you are shopping