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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 specializes in assisting readers with the ways and pitfalls of borrowing money to purchase the car they want.
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 precise, well-studied information that breaks down complicated subjects into bite-sized pieces.
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Buying a comes with many advantages, such as a slower depreciation, lower cost and a lower upfront cost. The current state of the new car market is a further proof of the previous fact that new cars have reached record levels in the last week of summer, making this the perfect time to think about purchasing a used car. The current condition of used vehicle market summer ended with high prices, the average used car sold for $28,219 in July and similarly at $28,061 in August, according to Kelley Blue Book. But used vehicles are still considerably less expensive than the ones sold on the new car dealer lot. Since the onset of the epidemic, the vehicle market has swung dramatically away from normalcy and has been slowly moving back to normalcy with little success. But it is not all bad news. Although we’re not yet at 2021’s levels of used price and availability however, we are in a great place to purchase used vehicles and refurbished vehicles, says Chris Frey, Cox Automotive’s senior manager for economic and industry insights. The cost to finance, own and operate vehicles is experiencing record high prices. made by the Federal Reserve make the cost to finance your vehicle more expensive and gas prices are also fluctuating. However, financing a used vehicle is still cheaper than buying new, at $515 per month versus 667 for the 2nd quarter in 2022 according to . Therefore, by opting for buy a used, less costly car, you will save on your monthly payment. Prices for used cars are cooling, but only slightly In general, used prices are declining, as per Henry Hoenig, a data journalist at Jerry, but not by much. The Jerry team analyzed the top selling cars in 2022 and compared them to models that are lightly used in 2021 and discovered that “As as of August, just 7 out of 10 vehicles were worth more than the cost of the previously owned models.” This means that used car prices remain higher than they have been historically, but on par with the current market volatility. The inventory of used vehicles also remains much larger than it was, because dealers are still struggling to catch up with supply chain issues. While prices might be higher than they have been in the past, the supply of used cars is above those of new cars. Inventory of used cars is up by 10 percent to last year, according to Cox Automotive’s third quarter market research which is a good sign for the upcoming year. “Prices remain high due to the fact that there still aren’t enough vehicles available,” Hoenig says. “It’s important to be aware that this isn’t like some of the other COVID-related shortages we faced.” Although manufacturers of other items used daily were able to pick back up quickly, cars are more difficult to manufacture. It’s important to be aware that the market for used cars is driven by people who are quitting their cars which is why when there aren’t as many drivers buying new there could be a domino effect on used car availability later on. Due to these combined elements, you could be met with more competition and slightly higher prices for used cars, but that doesn’t make buying a second-hand car an undesirable option. Should I buy a used vehicle? The question of buying a used car comes in the form of a need. There is no perfect and there are various macro-environmental effects that increase cost. Since experts believe that new vehicle inventory should get back to normal by spring 2023, the majority of drivers do not have the luxury of waiting for prices to decline. If you are looking to buy a vehicle, purchasing used instead of new could mean money saved. The combination of demand for new vehicles and a lower inventory, coupled with higher interest rates than usual can make the cost of a vehicle more expensive either way, but buying used is dramatically more affordable. The top five questions to ask when purchasing a second-hand vehicle. While it comes with a lower price, it could also carry the added anxiety that comes from a car that has no history. To ease these fears make sure you ask the right questions to gain an understanding of the background of the new set of wheels. 1. What is the owner’s history of the vehicle? A vehicle with many owners isn’t always negative, but it could indicate that the car was plagued by major issues that the owners were trying to avoid fixing — or could not solve. Find out from the dealer how many owners it had along with the amount of time each driver had it. Owners who have a short period 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 check a vehicle’s accident history on websites like Carfax or AutoCheck however, it is recommended to ask the dealer upfront. Even if the accident was not too serious, it’s important to know how the damage was dealt with and whether you’ll need to deal with any repercussions during ownership. 3. Can I look at the maintenance records? Most authorized vehicle dealerships will have records of the done on a vehicle, but asking them directly is an excellent way to assess the vehicle’s care. It is best to avoid purchasing an automobile that hasn’t been through regular maintenance as it could cause higher expenses later on. 4. Do you have a clear car title? A clear title to a vehicle states that the car does not have any remaining disputes in the ownership of the vehicle and also confirms that the car isn’t subject to any restrictions that hinder it from being sold. If the seller can’t provide an unambiguous title to the vehicle, take this as a red flag and walk off the deal. 5. Do I have the opportunity to take the car for a drive? It is vital to feel the car before signing on the dotted lines, especially when it comes to a used car. Take your time when test driving, and make sure you get a feel for the handling and the condition of the vehicle. This is also a great opportunity to speak in a relaxed setting and ask the salesperson questions regarding the vehicle. Following steps: Buying used is an excellent way to get behind the wheel of a new vehicle while still saving money. Although prices today may be higher but buying used is less expensive than buying a brand new option. The secret to finding the most efficient used car is answering the correct questions and for the most favorable financing offer. 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 ways and pitfalls of borrowing money to purchase the car they want.
Editor: 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 confidence to manage their finances through providing concise, well-studied information that break down complicated subjects into digestible pieces.
Auto loans editor
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