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Is now a good time to buy a used vehicle? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing original and objective content. We also allow you to conduct research and compare data for no cost to help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies that compensate us. This compensation can affect the way and when products are featured on this site, including, for example, the order in which they appear within the listing categories, except where prohibited by law for our mortgage home equity, mortgage and other products that lend money to homeowners. But this compensation does affect the information we publish, or the reviews you read on this site. We do not cover the universe of companies or financial offers that may be open to you.
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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 to navigate the ways and pitfalls of using loans to buy the car they want.
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 control their finances by providing clear, well-researched information that breaks down complicated topics into digestible chunks.
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Buying a comes with many advantages, including a lower rate of depreciation, lower cost and a cheaper upfront price. The current state of the new car market reinforces the final aspect -- the new cars set records in late summer. This makes now a good time to consider purchasing a used car. The present situation of used vehicle market summer ended with record prices. The average used vehicle sold for $28,219 in July, and a similar figure of the $28,061 mark in August according to Kelley Blue Book. But used vehicles are still significantly less expensive than what is sold on new car dealer lots. Since the onset of the pandemic, automobile market has been a dramatic shift away from normalcy and has been slowly moving back toward normalcy, but without much progress. But it is not all negative. Although we're not yet at the 2021 level of used prices and availability however, the market is in a great place to purchase used vehicles and refurbished vehicles, says Chris Frey, Cox Automotive's senior manager for economic and industry analysis. Unfortunately, the cost of financing, own and operate vehicles is still experiencing record high prices. These prices imposed by the Federal Reserve make the cost to finance your vehicle higher and fuel prices are also fluctuating. However, financing a used car is still lower than new at $515 per month, compared to an average of $667 during the first quarter 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 slowing, but only a little overall, prices for used cars are dropping, as per Henry Hoenig, a data journalist for Jerry, but not significantly. The Jerry team looked at the top selling vehicles of 2022 and compared them to models that are lightly used in 2021 and discovered that "As of August, only 7 out of 10 vehicles were worth more than the sticker price on previously owned models." This means that the prices of used cars are still higher than they have been in the past, but they are on par with the current market volatility. The available used vehicle inventory is also much higher than , as dealerships are still playing catch in the supply chain. Therefore, although prices may be higher than they have previously been, supply of used cars is greater than that of brand new cars. The inventory of used cars is up 10 percent compared to this time in the year before, according to Cox Automotive's 3rd quarter market research and is a good indication for the coming 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 have experienced." Although manufacturers of other products used in daily life were able pick up relatively quickly, cars can be more difficult to produce. It is important to remember that the used car market is driven by people who are getting rid of their vehicles which is why even if there's not so many people who are buying new vehicles, there could be an effect that will affect the availability of used cars down the road. Because of these factors, you may be met with increased competition and slightly higher prices for used vehicles However, that doesn't mean purchasing a used car a bad option. Do I need to buy a used vehicle? The decision to buy a used car comes in the form of a need. There is no perfect , especially with numerous macro-environmental factors that are increasing the costs. Because while experts predict that inventory of new cars will get back to normal by spring 2023, the majority of drivers don't have the luxury of waiting for prices to fall. If you are looking to buy a vehicle, purchasing used instead of new could result in savings. The combination of new vehicle demand and limited inventory and interest rates above usual levels make vehicle costs more expensive in both cases, however buying used is dramatically less expensive. Five questions you should ask when buying a used vehicle. While it comes with a lower price, it could also carry additional fear that comes from a car that has no history. To alleviate these worries, ask the right questions to understand the history of the new car. 1. What is the ownership history of the vehicle? A car with a lot of owners is not necessarily negative, but it could indicate that the car was plagued by major issues that drivers tried to avoid fixing or were unable to fix. Ask the dealer how many owners the vehicle had, along with the amount 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
Consider purchasing a vehicle. They must also meet other requirements created by the manufacturer and guarantee against any defects in the vehicle.
2. Has the car been in any crashes? While you can easily look up a car's accident record on sites like Carfax or AutoCheck, it is best to inquire with the dealer prior to purchase. Even if the accident was not too serious, it's important to know how the damage was dealt with 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 maintenance performed on the vehicle, however having a conversation with the dealership directly is a good way to gauge the quality of care given to the vehicle. Avoid buying an automobile that hasn't been through regular maintenance as it could result in 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 the ownership of the vehicle, confirming that the vehicle has no limitations that prevent the sale. If the seller cannot present a clear title for the vehicle, take this as an indication of fraud and away from the deal. 5. Can I take the vehicle for a drive? It is essential to test drive the car prior to signing on the dotted line, especially when it comes to a used vehicle. Make sure you take your time while test driving, and make sure you be aware of the handling and the condition of the car. This is also a great chance to chat in a more relaxed environment and ask the salesperson any questions about the vehicle. Following steps: Buying used is an excellent option to get behind the steering wheel of a relatively new vehicle while still saving money. And while yes, the prices of today might be higher, buying used is still cheaper than purchasing a brand-new alternative. The trick to getting the most efficient used car comes down to making the appropriate inquiries, and to get the best financing deal. Find out 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 with the ways and pitfalls of using loans to buy an automobile.
The edit was done 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 by providing concise, well-studied information that breaks down complicated subjects into digestible pieces.
Auto loans editor
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