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Speaking on his YouTube channel, Kilmer said: \u201cScotty, what is the ideal age and mileage range for making a financially smart used car purchase?<\/p>\n
\u201cThat is a pretty open-ended question because how much money are you going to spend and what do you want to get, right?<\/p>\n
\u201cIf you can get a good price I would say get a Toyota or a Honda. If you can get one that’s around eight years old. Six, seven, eight years old. They still have plenty of life, you can get a much better price.<\/p>\n
\u201cIf you get a two or three-year-old used car you’re going to pay so much money you’re not really saving that much. But as they get older people pay less money.<\/p>\n
DON’T MISS <\/strong> We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n \u201cLet’s say you buy an eight-year-old Toyota that’s got 100,000 miles, that thing might go 300,000, or 400,000 miles.<\/p>\n \u201cYou’re getting a higher percentage back on your investment because if you buy a two or three-year-old one you’re going to pay $25,000 (\u00a320,000) or $30,000 (\u00a324,000).<\/p>\n \u201cBut if you buy the other one for 8,000 or 9,000 or less, you’re still getting a better deal buying less.<\/p>\n \u201cSure it\u2019s got higher mileage but they can last so long the percentage of life left in the car versus what you pay, you can’t beat an older one.\u201d<\/p>\n Mr Kilmer\u2019s comments were backed up by LeaseLoco who stressed second-hand vehicles depreciate more early on in their lifecycle.<\/p>\n The motoring group stress models will lose around 15 to 25 percent of their value over the first 12 months.<\/p>\n Second-hand car prices will then drop down 40 to 60 percent by the third year before falling another 10 percent by year five.<\/p>\n
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