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Is it a good time to buy a used vehicle? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and compare information for free – so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies who pay us. This compensation could affect how and where products appear on this website, for example for instance, the sequence in which they be listed within the categories of listing, except where prohibited by law. Our mortgage or home equity products, as well as other products that lend money to homeowners. This compensation, however, does affect the information we publish, or the reviews you see on this site. We do not contain the entire universe of businesses or financial offers that may be available to you.
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4 min read. Published September 30, 2022
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely borrowing money to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing clear, well-researched information 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 lower upfront cost. The current situation of the car market reinforces the final fact that new cars have reached record levels in the last week of summer. This makes now the perfect time to think about buying a used vehicle. The present situation in the market for used cars The summer closed out with high costs, with the average vehicle was sold for $28,219 during July, and $28,061 in August, according to Kelley Blue Book. However, used vehicles are significantly less expensive than what is available on the new car dealer lot. Since the beginning of the epidemic, the automobile market has been a dramatic shift away from normalcy and is slowly creeping back to normalcy with little success. However, it’s not all negative. Although we’re not yet at the 2021 level of used prices and availability, we are in a good spot to buy used and refurbished vehicles, says Chris Frey, Cox Automotive’s senior manager for economic and industry analysis. The cost of financing, purchasing and maintain vehicles is at record levels. The Federal Reserve make the cost to finance your vehicle more expensive , and gasoline prices fluctuate as well. However, financing a used car is still cheaper than buying new ones at $515 per month as opposed to 667 for the 2nd quarter in 2022, according to . If you choose to purchase a less expensive, used vehicle , you’ll save on your monthly payment. Used car prices are slowing, but only a little overall, prices for used cars are falling according to Henry Hoenig, a data journalist for Jerry however, not much. The Jerry team reviewed the best selling vehicles of 2022 and compared them with models that are lightly used in 2021 and concluded that “As as of August, just seven of the 10 cars were worth more than the cost of the previously owned models.” This implies that the prices of used cars are more expensive than they were in the past, but they are on par with the current market volatility. The used car inventory also remains much more than the dealerships, since they are still playing catch in the supply chain. While prices might be higher than they have previously been, availability of used vehicles is higher than that of brand new cars. Inventory of used cars has increased by 10 percent to the same time in the year before, according to the third quarter of Cox Automotive’s industry insights and is a good indication for the upcoming year. “Prices remain high due to the fact that there’s not enough vehicles,” Hoenig says. “It’s crucial to keep in mind that this isn’t like COVID-related shortages like we faced.” Although manufacturers of other items used daily were able to pick back up relatively quickly, cars are more difficult to produce. It is important to remember that the used car market is built off drivers who are selling their cars, so 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. Because of these factors, you may find yourself facing greater competition and possibly higher prices for used vehicles However, that doesn’t mean purchasing a used car a bad option. Should I purchase a second-hand vehicle? The decision to buy an used vehicle comes down to need. There is no perfect car, particularly with the many macro-environmental impacts increasing costs. Since experts believe that new vehicle inventory should get back to normal by spring 2023, many 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 save you money. The factors that make up high demand for new cars and the low inventory with interest rates above usual levels mean that the price of vehicles is higher either way, but buying used is considerably more affordable. Top 5 questions to ask when purchasing a second-hand car . Although it is reduced price, it may also bring the added anxiety that comes with an unknown vehicle’s past. To ease these fears be sure to ask the appropriate questions to gain an understanding of the background of the new car. 1. What is the ownership history of the car? A vehicle with many owners isn’t always negative, but it could indicate that the vehicle had serious issues that drivers tried to avoid fixing or were unable to fix. Ask the dealer about the number of owners it had, and the length of time that each one of them had it. Many owners over short periods of time can be cause for anxiety. Bankrate tip
Think about buying a car. The vehicle must also meet the additional specifications set by the manufacturer. The manufacturer must also guarantee against any defects in the vehicle.
2. Did the vehicle have any accidents? Although you can look up a car’s accident record through sites such as Carfax or AutoCheck however, it is recommended to speak with the dealer in advance. Even if the accident was not too serious, it’s important to know how the damage was dealt with and if you’ll have to take care of any repercussions in the course of ownership. 3. Do I have access to the maintenance logs? Most dealerships that are authorized to sell vehicles have records of maintenance performed on a car, but having a conversation with the dealership directly is a good way to gauge the condition of your vehicle. Avoid buying an automobile that hasn’t been through regular maintenance because it could result in higher costs down the road. 4. Does the vehicle have a clear title? A clear title to a vehicle states that the vehicle does not have any remaining disputes in regard to its ownership, confirming that the vehicle does not carry any limitations that prevent the sale. If the seller is unable to present a clear vehicle title then consider it a red flag and walk off the deal. 5. Do I have the opportunity to take the car for a test drive? It’s important to feel the car prior to signing on the dotted line, especially when it is the used vehicle. Take your time when test driving, and make sure you get a feel for the car’s handling and condition. of the car. This is also a great opportunity to talk in a more relaxed environment and ask the salesperson any questions regarding the vehicle. Following steps: Buying used is the best way to get behind the wheel of a new vehicle while still saving money. While the prices of today might be higher however, purchasing used cars are cheaper than a brand new alternative. The secret to finding the most affordable used car is making the appropriate inquiries and negotiating 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 specializes in assisting readers in navigating 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 since the end of 2021. They are passionate about helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces.
Auto loans editor
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