Is $12,000 good for a used car?
Generally speaking, a used car with about 12,000-15,000 average miles per year on it is considered average. Consider cars that are three years old with about 40,000 miles on them, or cars five years old with about 60,000 miles on them. A good rule of thumb is that the average driver puts about 12,000 to 15,000 miles on their car each year. So, a 10-year-old vehicle with 120,000 miles? That’s typical. High mileage” often refers to cars over 100,000-150,000 miles, but it’s not a red flag on its own.When it comes to determining how many miles are too many for a used car, there isn’t a hard-and-fast rule. However, mileage alone shouldn’t be the deciding factor.
How much would a monthly payment be on a $10,000 car?
Example 1: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. Representative Example Representative 6. APR, based on a loan amount of £10,000, over 5 years, at a Fixed Annual Interest Rate of 6. This would give you a monthly repayment of £193.
How much should you put down on a $12000 car?
Most experts recommend a 20% down payment for new cars and 10% for used. Getting pre-approval might provide clarity on potential interest rates. Pre-approved auto loans can provide insight into the potential interest rate your lender will be able to offer. Deciding which car to buy depends on your preferences and situation, but the 20/3/8 rule could help you make your choice. The rule recommends a 20% down payment, a three-year financing term and car expenses that equal 8% or less of your monthly income.
How old of a used car should you be to buy?
The sweet spot for used car buying is typically between 2-5 years old. During this period, cars have already undergone the sharpest depreciation (about 20-30% in the first year alone), making them significantly more affordable than a brand-new model. The “sweet spot” for purchasing a used car is between 2 to 5 years old. This is the age range where the car has already gone through the steepest part of its depreciation curve, but it’s still relatively new and in good condition.The optimum age range for purchasing a used car is commonly recognized as falling between 2 to 5 years old. Within this timeframe, a car has traversed the steepest part of its depreciation curve while still maintaining relatively new and well-maintained conditions.
What’s the oldest used car you should buy?
The optimal time to purchase a used car is typically between 2 to 5 years old. Within this age range, the vehicle has already experienced the most significant depreciation, yet remains relatively new and in good condition. Our data indicates that October and November are still the months when car buyers can expect to get the best discounts. However, there are other notable factors that shoppers should also consider when purchasing a used car in today’s market.