A new study by AutoMD says more people are buying a used car or, they’re waiting longer to buy a new car. (They credit this to vehicles lasting longer than ever before.)
The study, which surveyed 1,000 car owners online, had these findings:
- 32% were driving a car that was 6 years or older
- 12% were driving a car that was over 10 years old.
- 59% are planning to replace their car within the next 6 months.
- 76% of those planning on buying a car will purchase a pre-owned vehicle.
- 45% plan to buy a pre-owned car than is more than 2 years old, but less than 10 years old.
- 24% will buy a new car.
- 21% will buy a used car that is less than 2 years old.
- 23% will be shopping within a certain budget.
While most of those shoppers said they would shop for a car that was about the same or less than their current car, one-third said they were willing to pay more. Getting a “good deal,” was important to most respondents, with 62% defining that as a price at or below the car’s invoice.
Interestingly, the car’s style and fuel economy were the least important factors in the purchase decision, logging 14% each. After price, the most important factors car shoppers were considering were longevity (knowing that the car would last for at least 10 years) at 18%, followed by utility (practical considerations) at 17% and low costs to repair at 15%.
Here are the top 10 tips for buying the right new or used car in 2016.
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Bankrate