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

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

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  1. How long does the average American use a new car before buying a new one? 5 years

  2. Shopping for a Car Unit 9

  3. 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

  4. 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

  5. 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

  6. 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)

  7. 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)

  8. 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

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