Used Cars For Sale in San Francisco, CA (2024)

FAQs

What percentage of millionaires choose to buy used cars rather than new cars responses? ›

Stanley and William D. Danko state that nearly 37% of the millionaires they surveyed reported buying used cars. But in some cases, a millionaire's “used car” may be one of several vehicles the driver owns, or even part of a collection of classic or vintage autos.

AutoTrader: Best for comparing options

If you're looking for a site with extensive inventory, this is it — AutoTrader has millions of listings for you to search and filter. Plus, you can choose a car financing option and submit it directly on their site.

The “sweet spot” for purchasing a used car is between 2 to 5 years old. This is the age range where the car has already gone through the steepest part of its depreciation curve, but it's still relatively new and in good condition.

“Some wealthy individuals prioritize practicality and functionality over luxury,” said Loretta Kilday, senior attorney and spokesperson for Debt Consolidation Care. “They opt for reliable, well-built cars that suit their lifestyle and transportation needs rather than flashy high-end vehicles.”

Buyers aged 24 and younger make up a mere 1% of the market, while the largest portion of buyers falls within the age range of 25 to 54, accounting for 55% of the total market share. Individuals aged 55 to 64 represent 25% of buyers, and those aged 65 and older make up 19% of the market.

A wary buyer should use as a general rule of thumb that most cars are driven 12,000-15,000 miles per year. If a vehicle is 10 years of age, it should have between 120,000 miles and 150,000 miles on the odometer.

Our Top Picks for Used Car Websites

Cars.com, Carvana, Edmunds, CarMax and TrueCar are our top recommendations for used car websites. Whether you want to find your ideal pre-owned vehicle or find the right buyer for a car you're selling, these sites are easy to use and offer excellent customer support.

It gives you an idea of the asking prices you might see on dealer's lot. For what you might actually pay for that used car, use the Kelley Blue Book® Fair Market Range as a guide. It'll show you what you can reasonably expect to pay this week in your area for a used vehicle with the options and mileage you want.

At what mileage should you sell a car? ›

It's a good idea to sell your car before it hits 60,000 miles if you don't want to spend a lot of money on repairs and replacement parts. During this mileage bracket, your car should be about five years old, meaning it'll still command a substantial amount.

Cars over 10 years old can still be reliable. Most vehicles can last well over a decade with proper care and maintenance. In fact, the average car on U.S. roads is now 12.5 years old, according to a study from S&P Global Mobility. Furthermore, a car doesn't really stop depreciating until it hits that 10-year mark.

The book reports that “nearly 37 percent” of millionaires bought their cars used.

Personal finance expert Dave Ramsey emphasizes that those who have built wealth between $1 million and $10 million typically drive "understated" cars. He says that people in this wealth bracket often drive used Camrys, Hondas, or old pickup trucks, as they're not trying to impress others.

‍Millionaires spending and budgeting isn't just limited to clothing and groceries but also to automobiles. While it's easy to think that millionaires all drive sports cars and live in huge mansions it's just not true. 81% of millionaires purchase their vehicle and only 23.5 percent actually buy new cars.

FALSE. Only 23% of millionaires drive a new car.