What’s the best age to buy a used car?
For most buyers, the sweet spot for a used car tends to be around three to five years old and here’s why: Depreciation Slows Down – The biggest drop in value has has already happened, meaning your car’s likely to hold its price while you own it. Used cars, especially older ones, may require more maintenance and repairs than new cars. This is because parts wear out over time, and things can start to break down. With a new car, you’ll have the peace of mind of a manufacturer’s warranty, which will cover most repairs for the first few years of ownership.Cars are usually reliable for up to five years if they’ve been looked after. But a well-maintained 10-year-old car could be a better investment than a newer model that hasn’t been cared for as well. Budget is also a major factor. The older the model, the lower the cost.
What is the average lifespan of a car?
Consumer reports note that while the typical lifespan of a new vehicle is approximately 8 years or 150,000 miles, well-maintained vehicles can surpass 15 years and overcome 300,000 miles. Vehicles with over 100,000 miles were once thought to be nearing the end of their life. However, advances in automotive technology have shifted this perspective. Many modern cars can last well beyond 100,000 miles with proper care, and some brands like Toyota and Honda are known for regularly exceeding 200,000 miles.With responsible maintenance, many cars can go 200,000 miles and beyond. That said, it’s reasonable to approach cars with 100,000 miles or more with caution. It’s also important to consider how you’ll be using the car.Some cars may be at the end of their useful life due to poor servicing and questionable build quality at 160,000kms – others might still be going strong at 300,000kms. Make sure you fully evaluate the condition and service history of the car before you buy it if it has done more than around 160,000kms.
What is the best time to buy a used car in Canada?
The best time to buy a car is often during the final months of the year. Dealerships need to clear out their inventory to make room for next year’s models. This means November and December are great months to find significant discounts. Look for special promotions, rebates, or year-end sales events. Around Certain Holidays. The best sales events center around New Year’s Eve, Presidents’ Day, Memorial Day, Fourth of July, Labor Day, and Black Friday. Holidays often provide the deepest discounts as dealerships push to meet sales quotas. Black Friday and Memorial Day are great for incentives but can be too crowded.