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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 is a specialist in helping readers in navigating the details of taking out loans to purchase a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances through providing precise, well-studied information that breaks down otherwise complex 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 current situation of the car market is a further proof of the previous point -- new vehicles hit record highs in late summer -- making now a good time to consider purchasing a used car. The present condition of the used car market The summer ended with record prices. The average used car sold for $28,219 in July and similarly at $29,061 during August according to Kelley Blue Book. But used vehicles are still significantly cheaper than those sold at new car dealerships. Since the beginning of the pandemic, vehicle market has swung dramatically away from normalcy and is slowly creeping back toward normalcy, but without much results. But it is not all negative. Although we're not yet at the 2021 level of used prices and availability but the market is in a great location to buy secondhand, encourages Chris Frey, Cox Automotive's director of economic and industry insights. Unfortunately, the cost of financing, own and maintain vehicles is in the midst of record-high prices. These prices imposed by the Federal Reserve make the cost to finance your vehicle more expensive , and gasoline prices are also fluctuating. However, financing a used vehicle is still cheaper than buying new, at $515 per month as opposed to an average of $667 during the first quarter 2022 according to . Therefore, by opting for a less expensive, used vehicle , you'll save on your monthly payments. The prices of used cars are decreasing, but not by much. In general, used prices are declining, according to Henry Hoenig, a data journalist for Jerry however, not much. The Jerry team analyzed the top selling vehicles of 2022 and then compared them to 2021 models that were lightly used and concluded that "As of August, only 7 out of 10 vehicles were worth more than used than the price of sticker on used cars." This means that the prices of used cars remain more expensive than they were in the past, but they are on par with the current market volatility. The inventory of used vehicles remains higher than , as dealerships remain in a state of catching up to supply chain issues. Therefore, although prices may be higher than they had been in the past, the availability of used cars is above that of brand new cars. Inventory of used cars has increased by 10 percent to this time last year, according to Cox Automotive's 3rd quarter industry insights which is a good sign for the coming year. "Prices remain high because there aren't enough vehicles available," Hoenig says. "It's crucial to keep in mind that this isn't like the other COVID-related shortages we experienced." Although manufacturers of other items used daily were able pick up quickly, cars are much more difficult to manufacture. It's important to keep in mind that the used car market is built off drivers quitting their cars which is why if there aren't as many drivers buying new there can be an impact on the availability of used cars down the road. Due to these two elements, you could find yourself facing more competition and slightly more expensive prices for used cars However, that doesn't mean buying a used vehicle an unwise choice. Should I purchase a second-hand car? The question of buying a used car comes down to need. There isn't a perfect solution car, particularly with the various macro-environmental effects that increase costs. While experts say that new vehicle inventory should be back to normal by the spring of 2023, most drivers don't have the luxury of waiting for prices to decline. If you're looking to purchase a car buying used over new could save you money. The factors that make up high new vehicle demand and lower inventory, coupled with interest rates above usual levels make vehicle costs more expensive regardless, however, purchasing used vehicles is significantly less expensive. The top five questions to ask when purchasing a second-hand car . Although it is lower , it can carry the added anxiety that comes with an unknown vehicle's past. To ease these fears, ask the right questions to gain an understanding of the background of your potential new vehicle. 1. What is the history of ownership of the vehicle? A car with a lot of owners is not necessarily bad news but can mean that the vehicle had serious problems that drivers were trying to avoid fixing -- or were unable to solve. Ask the dealer about the number of owners it had along with the amount of time each driver had it. Owners who have a short period of time should cause anxiety. Bankrate tip
Think about buying a car. They must also meet other requirements created by the manufacturer and guarantee against any defect in the vehicle.
2. Did the vehicle have any crashes? While it is easy to look up a car's accident record through sites such as Carfax or AutoCheck but it is better to speak with the dealer in advance. Even if the collision was minor , it's crucial to understand how the damage was dealt with and if you'll have to deal with any repercussions in the course of ownership. 3. Can I look at the maintenance logs? Most authorized vehicle dealerships will have records of the done on a car, but asking directly can be an effective way to determine the vehicle's care. It is best to avoid purchasing a vehicle that hasn't undergone regular maintenance as it could mean higher costs down the road. 4. Does the vehicle have a clear title? A clear title for a vehicle indicates that the car does not have any remaining disputes with regard to its ownership as well as confirming that the vehicle isn't subject to any restrictions that block the possibility of selling it. If the seller can't provide a clear title for the vehicle then consider it an indication of fraud and away from the transaction. 5. May I take the car for a drive? It is vital to get a feel for the car prior to signing on the dotted lines, especially when it comes to an older vehicle. Take your time when test driving and try to be aware of the driving experience and the condition of the vehicle. This is also a good opportunity to speak in a less intense environment and ask the salesperson questions about the car. The next step is to buy used. It's an excellent opportunity to take the wheel of a new car while saving money. And while yes, prices today may be higher, buying used is still cheaper than a brand new option. The key to getting the most efficient used car is answering the correct questions and for 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 specializes in assisting readers in navigating the ways and pitfalls of taking out loans to buy an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to control their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites.
Auto loans editor
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