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4 min read Published September 30, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls of borrowing money to purchase a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing concise, well-studied and well-researched content that breaks down complicated topics into manageable bites.
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A used vehicle comes with a variety of advantages, such as a slower depreciation, less expense and a lower upfront cost. The present state of the new car market reinforces the final fact that new cars hit record highs in late summer, making this a good time to consider buying a used vehicle. The present condition in the market for used cars summer ended with record costs, with the average vehicle was sold for $28,219 during July, and a similar figure of the $28,061 mark in August as per Kelley Blue Book. However, used cars are considerably less expensive than the ones available on new car dealer lots. Since the beginning of the epidemic, the automobile market has been a dramatic shift away from normalcy and has been inching back towards normalcy without much results. But it is not all negative. Although we're not yet at the 2021 level of used prices and availability, the market is in a good location to buy secondhand and refurbished vehicles, says Chris Frey, Cox Automotive's chief economist and industry research. The cost of financing, own and operate vehicles is in the midst of record-high prices. The Federal Reserve make the cost to finance your car more expensive and gas prices fluctuate as well. However, financing a used car is still lower than new ones at $515 per month versus an average of $667 during the first quarter 2022 according to . Therefore, by opting for use a cheaper, used car, you will save on your monthly installment. Prices for used cars are cooling, but only slightly In general, used prices are dropping as per Henry Hoenig, a data journalist at Jerry however, not significantly. The Jerry team reviewed the best selling vehicles in 2022 and compared them to models that are lightly used in 2021 and discovered that "As of August, only seven out of the 10 cars were worth more than the price of sticker on pre-owned vehicles." This means that the prices of used cars remain higher than they have been previously, but are in line with the current market volatility. The used car inventory is also much higher than , as dealerships are still playing catch up with supply chain issues. While prices might be higher than they had been in the past, the inventory of used vehicles is higher than that of brand new cars. Inventory for used vehicles has increased by 10 percent to this time last year, as per Cox Automotive's 3rd quarter industry analysis and is a good indication for the coming year. "Prices remain high due to the fact that there aren't enough vehicles available," Hoenig says. "It's important to remember this isn't like COVID-related shortages like we have experienced." While the makers of other daily products were able to pick up relatively quickly, cars are more difficult to produce. It's important to be aware that the market for used cars is built off drivers quitting their cars, so even if there's not so many people who are buying new vehicles, it could have a domino effect on used availability down the line. Due to these two factors, you may encounter greater competition and possibly higher prices for used cars, but that doesn't make buying a used vehicle a bad option. Should I buy a used vehicle? The issue of purchasing an used vehicle comes in the form of a need. There isn't a perfect solution and there are many macro-environmental impacts increasing costs. Because while experts predict that the inventory of new vehicles will be back to normal by the spring of 2023, many drivers do not have the luxury of waiting for prices to drop. If you are looking to purchase a car purchasing used instead of new could save you money. The combined factors of high demand for new cars and the limited inventory and higher interest rates than usual can make the cost of a vehicle more expensive either way, but buying used is considerably less expensive. The top five questions to ask when buying a used vehicle. While it comes with a reduced price, it may also bring the added anxiety that comes with a vehicle's history that is not known. To alleviate these worries make sure you ask the right questions to gain an understanding of the background of your potential new vehicle. 1. What is the ownership history of the car? A vehicle with many owners is not always negative, but it could indicate that the vehicle had serious issues that the owners were trying to avoid fixing or could not solve. Ask the dealer about the number of owners it had, as well as the length of time each owner was in it. Many owners over short periods of time should cause worry. Bankrate tip
Consider purchasing a vehicle. The vehicle must also meet the additional requirements created by the manufacturer. They must also be covered against any defect in the vehicle.
2. Has the car been in any accidents? Although you can examine a car's history of accidents on sites 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 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 records? The majority of authorized dealerships for vehicles will have records of the done on a vehicle, but asking directly can be an excellent way to assess the quality of care given to the vehicle. You should avoid buying an automobile that hasn't been through regular maintenance because it could result in higher costs later on. 4. Is there a clear vehicle title? A clear vehicle title states that the car doesn't have any remaining disputes in regard to its ownership and also confirms that the car isn't subject to any limitations that prevent the possibility of selling it. If the seller cannot present 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 essential to feel the car prior to signing on the dotted line, particularly when you are purchasing a used car. Take your time when test driving and try to be aware of the driving experience and the condition of the car. This is also a good opportunity to talk in a more relaxed environment and ask salesperson questions regarding the vehicle. Following steps: Buying used is an excellent option to get behind the wheel of a new car and still save money. While prices today may be higher however, purchasing used cars are less expensive than buying a brand new alternative. The trick to getting the best used car comes down to answering the correct questions and negotiating the most favorable financing offer. Find out more
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of using loans to buy an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to manage their finances by providing precise, well-researched and accurate information that break down complicated topics into bite-sized pieces.
Auto loans editor
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