The previous owner will have absorbed the steepest part of the depreciation cycle. At that point the costs of owning and operating the car will be reduced. The money you save on depreciation will surely go a long way.

Another benefit of buying used is lower cost. By buying used you pay less. You will also save on financing costs, insurance premiums, registration and licensing fees. You don’t have to worry about paying sales tax.

As with everything else there are a few downsides to buying a used car. There are greater chances for costly unwarranted repairs. You may very soon have to do major car maintenance, including replacing tires, battery, brakes, muffler, and perhaps even the transmission.