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Is it a good moment to buy a secondhand vehicle? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and analyze data for free to help you make sound 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 offers that appear on this website are provided by companies that pay us. This compensation may impact how and when products are featured on this site, including for instance, the order in which they be listed within the categories of listing, except where prohibited by law for our mortgage or home equity products, as well as other products that lend money to homeowners. But this compensation does affect the information we provide, or the reviews you see on this site. We do not contain the vast array of companies or financial offers that may be open to you.
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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 to navigate the ways and pitfalls of taking out loans 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 take control of their finances by providing clear, well-researched information that break down complex 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 reinforces the final aspect — the new cars hit record highs in late summer. This makes now a good time to consider buying a second-hand car. The present state in the market for used cars The summer ended with record prices, the average used car sold for $28,219 in July, and $28,061 in August, according to Kelley Blue Book. However, used cars are significantly less expensive than the ones offered at new car dealerships. Since the beginning of the pandemic, automobile market has been a dramatic shift away from normalcy, and is slowly creeping back to normalcy with little success. However, it’s not all negative. Although we’re not yet at 2021 levels of used prices and availability however, the market is in a favorable spot to buy used and refurbished vehicles, says Chris Frey, Cox Automotive’s director of economic and industry insights. However, the cost to finance, own and operate vehicles is at record levels. These prices imposed by the Federal Reserve make the cost to finance your car higher and fuel prices are also fluctuating. However, financing a used vehicle is still cheaper than buying new at $515 per month, compared to 667 for the 2nd quarter in 2022 according to . If you choose to purchase buy a used, less costly car, you will save on your monthly payment. Used car prices are decreasing, but not by much. In general, used prices are dropping as per Henry Hoenig, a data journalist at Jerry but not much. The Jerry team analyzed the top selling vehicles of 2022 and compared them with 2021 lightly used models and concluded that “As as of August, just 7 out of 10 cars were worth more than the sticker price on previously owned cars.” This indicates that prices for used cars are higher than they have been in the past, but they are on par with the current market volatility. The available used vehicle inventory remains higher than , as dealerships are still playing catch up with supply chain issues. Therefore, although prices may be higher than they had been in the past, the inventory of used vehicles is higher than those of new cars. Inventory of used cars is up 10 percent compared to the same time in the year before, according to the third quarter of Cox Automotive’s industry analysis and is a good indication for the coming year. “Prices remain high because there aren’t enough vehicles,” Hoenig says. “It’s crucial to keep in mind that this isn’t the same as the other COVID-related shortages that we faced.” While manufacturers of other items used daily were able to pick back up relatively quickly, cars are more difficult to produce. It is important to remember that the market for used cars is based on drivers quitting their cars, so even if there’s not enough people buying new cars, there can be an impact on used availability down the line. Due to these combined elements, you could be met with greater competition and possibly higher prices for used cars however that doesn’t mean buying a second-hand car a bad option. Do I need to buy a used vehicle? The question of buying a used car comes in the form of a need. There isn’t a perfect solution , especially with various macro-environmental effects that increase costs. Since experts believe that the inventory of new vehicles will be back to normal by the spring of 2023, many motorists don’t have the luxury to wait for prices to fall. If you’re planning to purchase a car, buying used over new can result in savings. The factors that make up high demand for new vehicles and a lower inventory, coupled with interest rates above usual levels make vehicle costs more expensive either way, but buying used is considerably more affordable. Top 5 questions to ask when buying a secondhand vehicle. While it comes with a reduced price, it may also bring an additional skepticism that is associated from a car that has no history. To mitigate these feelings make sure you ask the right questions to gain an understanding of the background of your new car. 1. What is the owner’s history of the car? A car with a lot of owners is not always good news, but it could mean that the car was plagued by major issues that the owners were trying to avoid fixing or couldn’t solve. Ask the dealer about the number of owners it had, along with the amount of time that each one of them had it. Many owners over short periods of time should cause anxiety. Bankrate tip
Consider purchasing a vehicle. These vehicles must meet additional requirements created by the manufacturer and guarantee against any defects in the vehicle.
2. Has the car been in any crashes? Although you can look up a car’s accident record through sites such as Carfax or AutoCheck but it is better to inquire with the dealer prior to purchase. Even if the incident was not too serious, it’s important to know how the damage was handled and if you’ll have to deal with any repercussions when you purchase the vehicle. 3. Do I have access to the maintenance records? Most authorized vehicle dealerships will keep records of any maintenance done on a car, but asking them directly is a good way to gauge the quality of care given to the vehicle. You should avoid buying the vehicle that isn’t subject to regular maintenance, as it may result in higher costs in the future. 4. Is there a clear vehicle title? A clear vehicle title states that the vehicle does not have any outstanding disputes with regard to its ownership, confirming that the vehicle isn’t subject to any restrictions that block the possibility of selling it. If the seller cannot present a clear vehicle title then consider it a red flag and walk away from the transaction. 5. May I take the car for a test drive? It is essential to get a feel for the car prior to signing on the dotted line especially when it is a used car. Take your time when test driving, and make sure you assess the handling and the condition of the car. This is also a great chance to chat in a less intense environment and ask salesperson questions regarding the vehicle. Following steps: Buying used is a great option to get behind the wheel of a new vehicle while still saving money. And while yes, prices today may be higher but buying used is cheaper than a brand new alternative. The secret to finding the most efficient used car comes down to answering the correct questions, and to get the most affordable financing. 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 with the ways and pitfalls of taking out loans to buy an automobile.
Edited by 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 concise, well-studied information that break down complicated subjects into digestible pieces.
Auto loans editor
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