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4 min read Published September 30, 2022
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely borrowing money to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing concise, well-studied and well-researched content that breaks down complicated topics into digestible chunks.
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The purchase of a used car has many benefits, including slower vehicle depreciation, lower costs and a cheaper upfront price. The present state of the new car market is a further proof of the previous aspect — the new cars have reached record levels in the last week of summer — making now an ideal time to think about buying a used vehicle. The present situation of the used car market summer closed out with high prices. The average used vehicle sold for $28,219 in July, and a similar figure of $28,061 in August, according to Kelley Blue Book. However, used cars are considerably cheaper than those available at new car dealerships. Since the beginning of the pandemic, automobile market has been a dramatic shift away from normalcy, and has been slowly moving back towards normalcy without much progress. But it is not all negative. While we’re still not at the 2021 level of used prices and availability however, it is a favorable location to buy secondhand according to Chris Frey, Cox Automotive’s director of economic and industry research. The cost to finance, own and maintain vehicles is in the midst of record-high prices. The Federal Reserve make the cost to finance your car more expensive , and gasoline prices are also fluctuating. However, financing a used vehicle is still less than for new ones at $515 per month versus 667 for the 2nd quarter in 2022 according to . So, by choosing to buy a used, less costly vehicle , you’ll save on your monthly payments. The prices of used cars are cooling, but only slightly In general, used prices are declining as per Henry Hoenig, a data journalist at Jerry, but not much. The Jerry team looked at the top selling vehicles in 2022 and compared them with 2021 lightly used models and discovered that “As of August, only 7 out of 10 cars were worth more than used than the cost of the used vehicles.” This implies that the prices of used cars are more expensive than they were previously, but are in line with the current volatility of the market. The used car inventory is also much larger than it was, because dealers remain in a state of catching in the supply chain. While prices might be higher than they had previously been, supply of used cars is greater than that of brand new cars. The inventory of used cars has increased by 10 percent to last year, as per Cox Automotive’s 3rd quarter market research which is a good sign for the upcoming year. “Prices remain high due to the fact that there aren’t enough vehicles,” Hoenig says. “It’s important to be aware that this isn’t like COVID-related shortages like we experienced.” While the makers of other products used in daily life were able to pick back up quickly, cars can be more difficult to make. It’s important to keep in mind that the market for used cars is driven by people who are quitting their cars which is why if there aren’t enough people buying new cars, there can be an effect that will affect the availability of used cars down the road. Due to these two aspects, you might be met with increased competition and slightly more expensive prices for used cars However, that doesn’t mean buying a used vehicle an unwise choice. Do I need to buy a used car? The question of buying a used car comes in the form of a need. There’s no ideal solution car, particularly with the many macro-environmental impacts increasing cost. While experts say that the inventory of new vehicles will return to normal by spring 2023, the majority of drivers do not have the luxury to wait for prices to decline. If you’re looking to purchase a car, purchasing used instead of new could result in savings. The combined factors of high demand for new vehicles and a lower inventory, coupled with the usual high rates of interest mean that the price of vehicles is higher in both cases, however buying used is considerably more affordable. Top 5 questions to ask when buying a secondhand car . Although it is lower price, it could also carry additional fear that comes with an unknown vehicle’s past. To alleviate these worries be sure to ask the appropriate questions to understand the history of your new vehicle. 1. What is the history of ownership of the vehicle? A car with a lot of owners isn’t always negative, but it could indicate that the car was plagued by major problems that drivers were trying to avoid fixing or could not fix. Ask the dealer about the number of owners the vehicle had, as well as the length of time that each one of them had it. A lot of owners with short spans of time can be cause for worry. Bankrate tip
You should think about purchasing a vehicle. These vehicles must meet additional specifications set by the manufacturer. They must also be covered against any defect in the vehicle.
2. Did the vehicle have any accidents? Although you can check a vehicle’s accident history on websites like Carfax or AutoCheck however, it is recommended to speak with the dealer in advance. Even if the incident was minor it is important to find out how the damage was dealt with and if you will have to take care of any repercussions in the course of ownership. 3. Can I look at the maintenance documents? The majority of authorized dealerships for vehicles will keep records of any maintenance done on the vehicle, however asking them directly is a good way to gauge the quality of care given to the vehicle. Avoid buying a vehicle that hasn’t undergone regular maintenance because it could mean higher costs down the road. 4. Is there a clear vehicle title? A clear title to a vehicle states that the car does not have any remaining disputes with regards to ownership as well as confirming that the vehicle has no restrictions that hinder the possibility of selling it. If the seller can’t provide a clear title for the vehicle consider this to be an indicator to walk away from the deal. 5. Do I have the opportunity to take the car for a test drive? It is vital to feel the car before signing on the dotted line, particularly when you are purchasing the used vehicle. Take your time when test driving and try to get a feel for the handling and the condition of the vehicle. This is also a great opportunity to speak in a relaxed setting and ask the salesperson questions about the vehicle. Next steps Buying used is an excellent opportunity to take the steering wheel of a relatively new car and still save money. And while yes, the prices of today might be higher, buying used is still less expensive than buying a brand new alternative. The key to getting the most efficient used car is asking the right questions, and to get the most affordable financing. Find out more
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces.
Auto loans editor
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