Benefits of buying used cars

Updated: Feb. 16, 2022 at 7:01 AM EST
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RICHMOND, Va. (WWBT) - Buying a car right now isn’t easy. According to used car prices increased more than 27 percent.

More than 1.9 million used cars were sold in November.

Supply-chain issues have inflated the cost of both new and used cars. In general, our partners at the financial website Nerdwallet still say, buying a used car can save you a ton of money over your driving lifetime.

According to JD Power, a well-maintained car can last 200,000 miles without major issues.

This means you can get roughly 13 years of service out of your car - if you drive it 15,000 miles a year.

Paying cash for a car is ultimately the best move, but we all know that’s not always possible. Having as much money as you can for a down payment is helpful. If you need to borrow, try to limit the term of your loan to a maximum of five years.

Experts say you don’t want to pay way more than the car is worth because of interest from a loan payment.

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