Should You Buy A 5-Year-Old Car | TOC Automotive College

Brand-new car prices these days are higher than ever, making it a difficult purchase for many people. Thankfully, there is a second-hand market where buyers can get more affordable used vehicles. But how old is too old, and should you buy a car that’s 5 years old?

Yes, a 5-year-old car can have plenty of value to offer you at a lower price than a brand-new vehicle. First, however, you must check the vehicle to ensure the previous owner took excellent care of it. Used cars these days last longer than ever before, and they come with plenty of financial savings.

As you read this guide, you’ll learn the pros and cons of buying a 5-year-old car. Then, you’ll know what to check before you make your final buying decision.

What Is The Best Age To Buy A Used Car?

When you ask automotive professionals or anyone with an automotive motorsport education, they’ll likely tell you that the rule of thumb is to find vehicles between 2 and 5 years of age. However, that rule is based on several different assumptions about the car.

Firstly, you can safely assume that a car between 2-5 years old is still incredibly reliable. Overall, that’s because the vehicle will likely have low mileage. Therefore, its components haven’t had enough time to experience too much natural wear and tear and are less likely to fail.

Plus, there’s also very little chance of rusting or corrosion in a vehicle that’s only a few years old.

However, that car will likely be more expensive than an older vehicle, even though you’re buying it on the second-hand car market.

Don’t be afraid to consider cars that are 5-10 years old when shopping for a used vehicle. Not only are they likely cheaper than a 2-year-old car, but many owners also keep them in tip-top shape.

For example, many car owners keep their vehicles well-maintained and only use original replacement parts. When that’s the case, the car is still an excellent buy despite being 5 years old.

In other words, broaden your horizons when shopping for used cars. Of course, vehicles that are 2-3 years old vehicles are usually excellent choices. Still, you can find a diamond in the rough when shopping for a 5-year-old car.

What Are The Pros And Cons Of Buying An Older Used Car?

Used cars are always cheaper than brand-new ones fresh from the assembly line. But as you read earlier, you can find excellent deals and lots of value when shopping for cars that are older at around the 5-year-old mark.

Still, a used car is a significant financial investment of your hard-earned money. That’s why you must understand the pros and cons of buying a 5-year-old vehicle.

Here’s what you need to know:

Benefits Of Buying A 5-Year-Old Car

Here are the benefits of purchasing a 5-year-old used car:

Financial Benefits: The first and most important benefit of buying an older used car is the financial benefit from doing so. Not only are 5-year-old cars cheaper than newer models, but you’ll also pay less to insure them. On top of that, any financing you take on to buy that car will be much quicker to pay off than a new car loan.
Endless Choices: When you shop for brand-new vehicles, your choices are limited to the current models offered by different car makers. However, shopping for 5-year-old cars means having much more variety to choose from, as there will be plenty more models that fall within that age.
Durability: Used cars previously had a negative reputation for breaking down and having many problems. That’s no longer the case, as cars made in the past decade are much more durable than ever.

Drawbacks Of Buying A 5-Year-Old Car

Naturally, there are some downsides to buying a 5-year-old car. Here are some things to consider:

Older Car Features: Firstly, buying an older vehicle might mean missing out on some of the latest automotive features. Even though 5 years wasn’t that long ago, many innovations have become standard features in new cars since then. For example, some driver-assist features on the latest models weren’t available 5 years ago.
Costly Repairs: Even if the previous owner maintained their car exceptionally well, other parts would wear out after you buy the vehicle from them. So, despite your financial savings from purchasing a 5-year-old vehicle, you’ll have to channel some towards repairs and car part replacements.
Financing Challenges: Lastly, you might face challenges when financing an older vehicle. Unfortunately, getting a loan to buy a used car might not be as straightforward as financing a brand-new vehicle, especially if it’s 5 or more years old.

Overall, you must consider the pros and cons before buying a used car, especially if it’s 5 or older. However, purchasing the vehicle could still be an excellent deal if you don’t mind the drawbacks.

However, if any of them are deal-breakers for you, it’s best to wait and search for better options.

What Should You Check When Buying A Used Car?

You should only buy a used vehicle after inspecting it yourself. After all, you’re spending your hard earned money on the purchase, so you should know what you’re paying for.

Here are a few things to check when buying a 5-year-old car:

Exterior: Start by checking the vehicle’s exterior panels. Look for dents or paint damage that might affect the car’s value.
Interior: Next, explore the car’s interior and ensure all features work as they should. That should include testing the in-car entertainment system as well.
Engine bay: Then, raise the hood and have a look around the engine bay. There should be no leaks or visible damage signs.
Documentation: Aside from inspecting the vehicle, you’ll also want to review all the car's records and documentation. Most importantly, look through the car’s maintenance records to know if the previous owner serviced the car regularly.
Performance: Lastly, you must check the car’s on-road performance. The only way to do that is to take the car on a test drive. Pay attention to any noises the vehicle might make when accelerating, decelerating, taking corners and going over speed bumps.

When you check the car, you’ll have first-hand knowledge to inform your buying decision. In other words, you’ll know for yourself if the 5-year-old vehicle is a worthwhile purchase.

Bottom Line: Should You Buy A 5-Year-Old Car?

Considering all of the above, buying a 5-year-old car is an excellent idea if the vehicle is in good condition and comes at a fair price. When that’s the case, you can rest assured that the car will have plenty of value to offer you for many years to come.

You can learn more about these and other automotive topics by checking the official page of TOC Automotive College, Malaysia’s award-winning automotive college. There, you’ll find blog articles with topics like this, helping you become a well-informed driver in Malaysia and elsewhere worldwide.