Portlanders buy the oldest used cars
According to online finance company Lending Tree, Portlanders bought the oldest cars in the U.S. in 2017. The average used car sold with financing in Portland was 7.45 years old. Salt Lake City and Seattle ranked second and third, with residents in both cities buying cars that were about seven years old. In contrast, people in Miami, Florida bought the newest used cars, with an average age of 4.76 years.
Used car buyers in Portland and across the nation preferred Chevrolet used vehicles. Among the top 50 car buying cities, Chevy was the most popular brand in 31. Nissan was the second-most popular overall, being favored in 10 out of the 50 metros. However, Ford claimed the top spot in Portland.
There are pros and cons to buying an older used car. Getting an older used car means you'll pay less for a vehicle that will depreciate in cash value over time. The savings you get on the sales price of an older used car could outweigh the repair costs required, depending on the vehicle.
Buying used also comes with disadvantages. Repair costs are likely to be higher with a used vehicle. Most manufacturer warranties last only a few years from the day the car was first purchased. Warranty coverage depends on the brand, and while most still offer 3 year/36,000-mile warranties, Volkswagen offers a 6 year/72,000-mile warranty on its 2018 products. Companies with a 5 year/60,000-mile total car warranty include Hyundai, Mitsubishi, Kia, Genesis, and Jaguar.