Money Tips
When it comes time to purchase a “new to you” vehicle, the options can feel overwhelming. Whether your current car just gave out unexpectedly or you're simply in need of an upgrade, shopping for a vehicle is a big decision—and one that often brings stress and uncertainty. At Superior Credit Union, we’re here to support you through all of life’s ups and downs. That’s why we’ve put together some of the top reasons why buying used might be the smart move for you. 1. Lower Prices Let’s start with the most obvious benefit—cost. The price tag for a brand-new car can cause some serious sticker shock. According to MoneyGeek , the average cost of a new vehicle in 2024 was $48,401. That’s a hefty chunk of change, especially if the purchase wasn’t planned. Compare that to the average cost of a used car. As of April 2025, CarEdge reports that used vehicles are averaging about $25,128. While used car prices are climbing slightly due to tax refund season, the difference in cost is still substantial—making used cars a much more budget-friendly option. 2. Lower Insurance Costs The cost of owning a vehicle doesn’t end with the purchase. Insurance is another major expense to consider—and one where used cars often come out ahead. When buying new, especially if you’re financing the vehicle, your lender may require full coverage, which is considerably more expensive than basic state minimum insurance. According to MoneyGeek’s insurance report for Pennsylvania , full coverage averages $1,381 per year, while the state minimum costs about $425 annually. That’s a difference of nearly $1,000 a year—money that could be going toward savings, emergency funds, or even your next vacation. 3. Reduced Depreciation Depreciation is the silent budget killer of new car ownership. Within the first year, a new car can lose 20% or more of its value. Over the first five years, that number can climb to a whopping 60% . Why does this matter? Because it means the brand-new vehicle you just paid top dollar for might only be worth half of what you paid in a few short years. Factors like make and model, fuel efficiency, and market conditions all play a role. Kelley Blue Book ( KBB.com ) recommends considering vehicles that are just one model year older than new. You’ll save as much as 20% while still enjoying many of the same features and technology as a brand-new car. Plus, depreciation slows significantly after five years, so your money holds its value longer when you buy used. 4. Certified Pre-Owned Programs Worried about the reliability of a used car? Certified Pre-Owned (CPO) programs might be the perfect middle ground. Many dealerships offer these programs for used vehicles that meet specific quality standards—usually lower mileage, clean maintenance history, and better overall condition. CPO vehicles undergo a thorough inspection process and often come with added benefits like extended warranties and roadside assistance. According to Consumer Reports , CPO vehicles have 14% fewer issues than regular used cars, and typically cost only about 1.8% more . So, while you’re saving by buying used, you can still enjoy extra peace of mind by choosing a CPO car. Final Thoughts... Purchasing a car—whether new or used—is always a major decision, but it doesn’t have to be a stressful one. At Superior Credit Union, we’re here to help you make smart financial choices that fit your life and your budget. Thinking about financing a used vehicle? Talk to us about our competitive auto loan rates and get pre-approved today. Let us help you hit the road with confidence!
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