Buying a used car is a perfect option for those willing to get a late-model vehicle while saving a major sum of money. Consider the raw numbers: according to the market statistics, no new car holds more than 65 per cent of its original value in the mere three years, and some cars lose up to 70 per cent of their initial price. And this drop is not uniform—most of it occurs in the first year, basically from the very moment you drive off the dealer’s lot.

However, car depreciation turns from a foe to a friend when you are buying a used vehicle. Not only it has a much lower price tag and smaller license and registration fees. Having a used car also means that your purchase will lose less value in the future, as it has already passed the period of the steepest price fall.

And since you don’t have to pay the premium for a mint-condition look and feel, you can add more features to your car or to buy a higher class model compared to what you could otherwise afford. Long story short—a used car that is several years old is a sensible and economical solution and proves to be a worthwhile choice in the long run.