Americans typically buy about 15 million to 16 million new cars each year. But it's only a fraction of the nation's used-car sales, which, save for a few down years after the 2008 recession, usually surpass 40 million annually.
"If you think about it," said Philip Reed, senior consumer advice editor at Edmunds.com, "we all drive used cars. The second we drive a new car off the lot, we're driving a used car."
The reasons to get, as Bruce Springsteen said, a "brand new used car" are many. Chief among them: cost. According to auto resource Kelley Blue Book, the median sales price of a new car is $32,342. Most of that cost will often be financed, and loan terms are becoming longer and longer.
The median used-car price is a little more than $18,000.
"People have a restricted budget," Reed said. "A lot of people either can't qualify or don't want to take on a loan, especially younger people who haven't established credit yet. That makes used cars a great option."
Here are some pros and cons of going the preowned route:
PROS
• Price. Monthly payments are much more affordable to buyers on a budget.
• Many preowned vehicles still carry factory warranty coverage.
• Reliability issues aren't what they once were. There are millions of great used-vehicle choices available to the patient, informed buyer.
• Certification programs. As long as these are manufacturer-sponsored programs, these allow consumers to buy with confidence.
CONS
• Are you "buying someone else's trouble," asked Reed. "Has a seller disguised something wrong with a car?"
• Used cars won't have the latest technological innovations. Accident-prevention systems top this list.
• A used car may not have the desired prestige for image-conscious owners.
• The average age of cars on the road is about 11 years old, according to AAA. Older cars usually require more repairs.
"The days of buying a used car carrying a stigma are over," said Michelle Krebs of AutoTrader.com. "In fact, quite the contrary. Buying used is seen as the smart money move by many."
A quick and easy way to determine the viability of a used-car purchase is to use Edmunds.com's "Affordability Calculator." Plug in a few numbers and targets, and the tool quickly spits out a shopping price range. Advanced shoppers can go to their lender beforehand and prequalify for a loan; at that point, the process turns to hitting dealerships, finding the right vehicle and negotiating the price.
Before buying, it's a good idea to check out the vehicle's history. Once that hurdle is cleared, take a test drive and arrange a pre-purchase inspection.
It's a bit of a grind, but worth it when committing thousands of dollars. Probably the most important consideration for shoppers: Be patient.
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