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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 is a specialist in helping readers with the details of using loans to buy an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances by providing precise, well-studied information that break down complex topics into digestible chunks.
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A used vehicle comes with a variety of advantages, such as a slower depreciation, less expense and a less expensive upfront cost. The current state of the new car market reinforces the final fact that new cars hit record highs in late summer, making this an ideal time to think about buying a second-hand car. The current state of the used car market summer closed out with high prices, the average used vehicle sold for $28,219 in July, and $28,061 in August, as per Kelley Blue Book. But used vehicles are still dramatically less expensive than what is available on the new car dealer lot. Since the onset of the pandemic, car market has dramatically shifted away from normalcy and is slowly creeping back toward normalcy, but without much success. But it is not all negative. While we’re still not at 2021’s levels of used price and availability, the market is in a favorable spot to buy used and refurbished vehicles, says Chris Frey, Cox Automotive’s senior manager for economic and industry research. The cost to finance, own and operate vehicles is still experiencing record high prices. These prices imposed by the Federal Reserve make the cost to finance your car more expensive , and gasoline prices are fluctuating as well. However, financing a used car is still less than for new, at $515 per month, compared to an average of $667 during the first quarter 2022 according to . If you choose to purchase buy a used, less costly car, you will save on your monthly payments. The prices of used cars are slowing, but only a little In general, used prices are falling in the opinion of Henry Hoenig, a data journalist at Jerry but not by much. The Jerry team looked at the top selling vehicles in 2022 and then compared them to models that are lightly used in 2021 and found that “As of August, only seven out of the 10 vehicles were worth more than used than the price of sticker on used models.” This indicates that prices for used cars are more expensive than they were historically, but on par with the current volatility of the market. The used car inventory is also much higher than , as dealerships are still struggling to catch up to supply chain issues. While prices might be higher than they have previously been, availability of used cars is greater than those of new cars. Inventory for used vehicles is up by 10 percent to in the year before, according to the third quarter of Cox Automotive’s industry insights, a positive sign for the coming year. “Prices remain high because there still aren’t enough vehicles available,” Hoenig says. “It’s important to be aware that this isn’t the same as the other COVID-related shortages that we faced.” While the makers of other daily products were able to pick up fairly quickly, cars are more difficult to manufacture. It is important to remember that the market for used cars is based on drivers who are selling their cars which is why if there aren’t so many people who are buying new vehicles, there can be an impact on used car availability later on. Due to these two factors, you may encounter more competition and slightly higher prices for used vehicles, but that doesn’t make buying a second-hand car a bad option. Should I purchase a second-hand vehicle? The decision to buy a used car comes down to the need. There is no perfect car, particularly with the numerous macro-environmental factors that are increasing the costs. Since experts believe that the inventory of new vehicles will be back to normal by the spring of 2023, the majority of drivers don’t have the luxury to wait for prices to decline. If you’re looking to purchase a car buying used over new could result in savings. The factors that make up high demand for new vehicles and a lower inventory, coupled with higher interest rates than usual mean that the price of vehicles is higher either way, but buying used is considerably less expensive. Top 5 questions to ask when buying a used car . Although it is lower price, it could also carry an additional skepticism that is associated with a vehicle’s history that is not known. To mitigate these feelings make sure you ask the right questions to learn about the history of your potential new set of wheels. 1. What is the history of ownership of the car? A car with a lot of owners isn’t always bad news but can mean that the car was plagued by major problems that drivers were trying to avoid fixing or could not fix. Ask the dealer how many owners it had, along with the amount of time each owner was in it. Owners who have a short period of time should cause concern. Bankrate tip
Consider purchasing a vehicle. These vehicles must meet additional requirements created by the manufacturer and guarantee against any defect in the vehicle.
2. Has the car been in any crashes? While you can easily look up a car’s accident record on websites like Carfax or AutoCheck however, it is recommended to inquire with the dealer prior to purchase. Even if the accident was minor it is important to know what the procedure was for handling the damage and if you will have to face any consequences during ownership. 3. Can I look at the maintenance logs? Most authorized vehicle dealerships will have records of the done on a vehicle, but having a conversation with the dealership directly is an effective way to determine the condition of your vehicle. It is best to avoid purchasing an automobile that hasn’t been through regular maintenance as 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 outstanding disputes with regard to its ownership, confirming that the vehicle isn’t subject to any restrictions that hinder it from being sold. If the seller can’t provide a clear title for the vehicle then consider it a red flag and walk off the deal. 5. May I take the car for a drive? It is vital to feel the vehicle before you sign on the dotted lines, especially when it comes to a used vehicle. Take your time when test driving, and make sure you assess the driving experience and the condition of the car. It is also an excellent chance to chat in a more relaxed environment and ask salesperson questions about the car. Next steps Buying used is a great opportunity to take the wheel of a fairly new vehicle while still saving money. While prices today may be higher however, purchasing used cars are cheaper than a brand new option. The key to getting the most efficient used vehicle is making the appropriate inquiries and negotiating the most affordable financing. Learn more
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of borrowing money to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances by providing concise, well-studied information that break down complicated topics into bite-sized pieces.
Auto loans editor
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