Should I Buy an Older Vehicle?

When searching for a car, there are many reasons to consider an older vehicle rather than a newer one—especially the price. New vehicles are more expensive on average than older vehicles, as cars begin to depreciate in value as soon as they’re driven off the lot. Finding an older, used vehicle can save you a lot of money. 

Price isn’t the only consideration you should have, however. While purchasing an older vehicle is a valid choice, there are downsides to it—especially when it comes to safety. 

Are Newer Vehicles Safer than Older Vehicles? 

New cars are much safer than old cars. Car manufacturers are equipping new cars with new safety features all the time. These may include lane assist and automatic braking. Many manufacturers are including multiple airbags to increase the safety of both drivers and passengers alike.  

Car manufacturers often go above and beyond when they include safety features in vehicles. Even in many base models, car manufacturers are rolling out new safety features.  

While you can add certain safety measures to older vehicles, it may be difficult depending on the make and model to get the old vehicle close to the safety rating of a new car. 

Insurance may also be more expensive on an older vehicle due to the lower safety rating. The more likely you are to file an expensive claim, the higher your car insurance rates will be. 

Do I Need Full Coverage on an Older Car? 

Purchasing an older vehicle can mean that you no longer have insurance requirements from a lender. If you pay off your vehicle or purchase an older car, you may only need minimum liability insurance requirements as dictated by the state. Minimum liability insurance requirements vary depending on where you live, but all insurance providers must offer this coverage at the very least in order to meet those requirements. 

Depending on the value of your vehicle, full coverage may still be recommended, however. Full coverage refers to the highest amount of insurance you can have on a single vehicle whereas minimum requirements will not cover damages to your vehicle or injuries you and your passengers may face after an accident. 

Be sure to shop around to find the new or old car suited for your lifestyle and needs. To insure your vehicle, speak with an insurance agent about protecting your vehicle with the best policy.