​Choosing your next vehicle is a significant decision, and it can feel overwhelming. But for buyers right here in Boardman, there's a smart path that'll save you money and help you find great value. Our Boardman Mitsubishi team has put together this article; you'll find it helpful if you're trying to decide between buying a used car and a new one, or if you're wondering, "Is it better to buy a used or a new car?"
Why Boardman Buyers Are Choosing Used in 2025
The car market has shifted, and the used car market is currently looking quite strong and stable. Retail demand is still solid, even as new car inventory and prices fluctuate. In a significant turn, the average cost of a 3-year-old used vehicle recently climbed back above $31,000, representing a 5.2% increase from last year.
Meanwhile, cars are staying on dealer lots for an average of 38 days before they sell, which is the longest period we've seen since early 2021. This gives you plenty of time to shop for a great deal, and people are using the market's stability to their advantage, finding the best value for their budget.
Breaking Down the Cost Advantage of Used Vehicles
So, is it cheaper to buy a new car or a used one? The primary reason to buy used is, obviously, the price. The average price for a new vehicle is approximately $47,000, while the average cost of a used car ranges between $25,000 and $31,000. That significant difference saves you money on the sticker price as well as on sales tax. In Mahoning County, the sales tax rate is 7.5%, so every thousand dollars you save on the car also means you save an extra $75 in sales tax.
Understanding Vehicle Depreciation in Today's Market
You may be asking, "Is buying a new car a waste of money?" A new car can lose 20% to 30% of its value in its first year, and after five years, it can be worth 60% less than what you paid. The good news is that the used car market is now returning to its regular patterns. When you buy a used car that's a few years old, you avoid that initial price drop and enjoy a more stable asset that holds its worth much better over time.
Insurance Costs: The Hidden Savings of Buying Used
The savings don't stop with the purchase price. A used car's lower value means it's also cheaper to insure, and that translates to lower premiums for you. On average, a used car driver pays about $221 less per year for a full coverage policy than a new car driver.
Ohio state law requires you to have minimum liability coverage of $25,000 per person for bodily injury, $50,000 per accident for bodily injury, and $25,000 for property damage. A used car can provide you with the financial freedom to obtain the right coverage for your needs, as you aren't always required to have a full coverage policy after you pay off the loan.
Financing Options and Interest Rate Considerations
You might think used car loans are more expensive, but the cost of your loan is really based on your credit score. For example, a super prime borrower with a credit score over 781 can secure a used car annual percentage rate as low as 6.82%, whereas someone with a poor score below 500 might face rates exceeding 21%. A higher credit score can save you thousands of dollars in interest over the life of the loan.
It's always a good idea to get pre-qualified with local lenders, such as OHecu or 7 17 Credit Union, and then take this information to the dealership to help you secure the best possible terms.
Warranty Protection for Used Vehicle Buyers
Many late-model used cars are still covered by their original manufacturer's warranty. However, the best protection comes from a Certified Pre-Owned (CPO) program. The Mitsubishi CPO program, for example, requires that a vehicle must be less than five years old, have fewer than 60,000 miles, and pass a rigorous 123-point inspection. This program provides a 10-year, 100,000-mile powertrain warranty and roadside assistance, so you get the security of a new car without the new car price.
Quality and Reliability: Modern Used Cars vs. Past Perceptions
Modern vehicles are made with unibody frames of galvanized steel and protective coatings that prevent corrosion, making them significantly safer and more durable than they were in the past. You don't have to give up technology for value, as many 3- to 5-year-old cars come equipped with features such as rearview cameras, Bluetooth, and advanced driver-assistance systems (ADAS). In fact, having ADAS features on your vehicle could even help lower your insurance premiums.
Smart Shopping Strategies for Boardman Used Car Buyers
Always check a vehicle history report from a service such as CARFAX or AutoCheck, which will provide valuable information about previous owners, odometer readings, and accident history. You can also perform a pre-purchase inspection using a checklist that covers everything from the exterior to the engine. The best time to buy a used car is typically in November or December, when dealerships are trying to clear their inventory, but don't wait until your current vehicle is in dire need of repair before starting your search.
Maintenance and Repair Cost Reality Check
While a well-maintained used car will cost a lot less over time, it's good to understand the realities of maintenance. A new vehicle may offer free maintenance for its first year, but a used car can have higher average annual maintenance costs. Repairs are a reality for any vehicle outside its warranty. These could include costly components, such as an alternator replacement, which runs about $800, or a timing belt replacement, which can cost $1,000.
The good news is that our Boardman Mitsubishi dealership has a great service center in the Youngstown area. We provide fair pricing, trained technicians, and warranties on parts and labor.
Local Market Advantages in the Youngstown Area
We're proud of Boardman Mitsubishi's solid reputation, and customers appreciate our straightforward sales process. We also have a strong network for sourcing parts, from dealerships to major stores. With new car prices climbing and everyone holding onto their rides longer, used cars are in demand. That means you can score a great trade-in deal for your well-kept car and save some cash on your next vehicle.
Is Buying a Used Car Right for You? Find One at Boardman Mitsubishi Today
Used vehicles save you from the biggest depreciation hit and keep ownership costs low. Check out our extensive selection of quality used cars at Boardman Mitsubishi, or contact us with your questions. Our team is looking forward to helping you make a savvy used car purchase.