Double Your Money to Get a Much Better Used Car

2011 Toyota Camry LE

Are you in the market for a used car? Think you want to spend $7,500 on some good basic transportation? Don’t. What you really want to do is buy a $15,000 used car. It’s fast becoming the automotive sweet point for buying a used vehicle.

Why’s that? You’re going to be in for an overall better buying and ownership experience. Some may say less is more, but in this case, more is more when it comes to buying a used car.

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CPO Cars Costing Too Much?

CPO January

Because buying a used car is always risky, there has been a big rise in sales of certified pre-owned (CPO) cars. The reason is simple: It’s a way to hedge your bet, because the car comes fully inspected, reconditioned if needed, and offers some kind of warranty or service contract.

And it’s the warranty that adds the extra cost—$800-$1,500 more than non-CPO equivalents. In fact, these cars sometimes cost more than equivalent new models. If you are contemplating buying a CPO car, there’s a very good article on what is happening in that market, and much of what I’m telling you comes from that source (or from my brilliant, common-sensical mind).

To really find out where you would stand buying a CPO car, you need to figure cost of ownership over five years (depreciation, repairs, interest). Available incentives also can figure in, and of course used cars are more expensive to finance than new ones.

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