According to the 2015 Used Vehicle Market Report, there were 38.3 million used-vehicle sales industrywide, the best tally in eight years. Between private-party and dealership sales, nearly 40 million used cars change hands every single year.
The average vehicle will likely have three owners in its lifetime. In general, there are many benefits to buying a used car:
- Lower price tags due to depreciation
- Avoiding the state sales tax often applied to new cars
- Getting all the newest features of a new car for less money
- A decline in registration fees
- Avoiding paying extra fees that come with buying a new vehicle
- Getting a vehicle that’s in pretty good condition