Considerations Before Buying Used

December 22nd, 2022 by

Used car prices spiked in 2021 and through the first half of this year due to supply and demand problems with new cars.  Microchip shortages and shipping delays limited new car availability. The good news—new car availability improved in the second half of this year. As a result, used car prices have fallen somewhat.

used cars

Buying new or used is a large financial expense. Do your homework so you can make a sound decision.  You want to consider all of the financial ramifications of a purchase and the reliability and condition of a used vehicle.

Cost of Ownership

Although interest rates are higher for used cars, you may wish to compare monthly payments. According to, the average new car monthly payment is $700 while the average used payment is $525 a month. Interest rates are based on credit history, so do the math before you shop. Insurance premiums will most likely be less on a used car. Used cars have less depreciation. New cars lose 20%-30% of their value in the first year. The annual property tax on a used vehicle will also be less. Buying used may make buying a luxury car or higher trim level affordable. KBB’s Fair Market Range tool provides accurate and up-to-date information on the local market value of vehicles. We have this information on our website which gives you independent verification of value.

Quality and Risk

Buying used is not the gamble it once was. and Consumer Reports both publish reliability ratings and other useful information. CARFAX history reports include the number of owners, accident history, and sometimes service records. Buy from a reputable dealer. At Kia Country of Charleston, pre-owned vehicles must pass a rigorous inspection before making it to our lot. Franchised car dealers generally service and repair their retail inventory and private owners do not. You will often find pre-owned vehicles have a fresh oil change, new wiper blades, new cabin or engine filters, and maybe even tires so you buy without worrying about maintenance expenses. Make sure any used car you are considering has been inspected and serviced.

For those who are risk averse, buying Certified Pre-owned (CPO) may be a better option and provide peace of mind. Kia’s rigorous CPO standards require a 164pt Quality Assurance inspection. A Kia CPO vehicle is backed by a Kia warranty and offers additional benefits such as Roadside Assistance and Travel Breakdown coverage.

Our Product Specialists can provide information that helps you navigate the decision-making process. For many, buying a used vehicle provides value and affordability. In some instances, the cost difference between new and used may not be significant, and new may prove to be the more sensible choice.