With the average price of a brand-new vehicle topping $40,000, the used car market can be an appealing alternative for many consumers on a budget. A car is considered used if it's had at least one former owner, regardless of the vehicle's age. Savvy shoppers can take advantage of this to buy a like-new model for thousands of dollars off MSRP. For buyers of classic and collectible models, the pre-owned market also offers the chance to score the car of their dreams.
Aside from the cost savings, there are many smart reasons to consider buying used. Cars bought through a certified preowned program are reconditioned and usually come with a warranty and a detailed vehicle history report. Older cars depreciate less, and insurance rates for them are typically lower, too. If you can forgo that new car smell, buying preowned might be the best option for you.