Open navigation Main Menu Mortgages

Refinancing your existing loan Finding the perfect lender Additional Information
Looking for a financial advisor? Do our 3-minute quiz and then match up with an advisor today.



Main Menu Banking

Calculators to compare accounts Use the calculators and get advice Bank reviews
Looking for a financial advisor? Do our 3-minute quiz and then match up with an advisor today.



Main Menu Credit cards

Compare by category Compare by credit needed Compare with the issuer
Are you looking for the ideal credit card? Narrow your search with CardMatch(tm)



Main Menu Loans

Auto Loans Loan calculators
Find the perfect personal loan within 2 minutes or less. You can also answer a few questions to get offers--with no effect on your credit score.



Main Menu for Investing

Top of the Brokerages, and Rob-Advisors. Learn the basics Additional sources
Looking for a financial advisor? Do our 3-minute quiz and then match up with an advisor today.



Main Menu Home equity

Find the lowest rates Lender reviews. Use calculators. Knowledge base
Looking for a financial advisor? Do our 3-minute quiz and then match up the advisor you want today.



Main Menu Real estate

Selling a house Buying an investment property Finding the right agent Additional information
Looking for a financial advisor? Do our 3-minute quiz and then match up the advisor you want today.



Main Menu Insurance

Car Insurance Homeowners insurance Other insurance Company reviews
Looking for a financial advisor? Take our 3 minute quiz and match to an adviser today.



Main Menu Retirement

Accounts and retirement plans. Get the basics of retirement calculators Additional Resources
Looking for a financial advisor? Do our 3-minute quiz and match with an advisor today.



Search open Close search

Submit


Is it a good time to buy a used vehicle? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive tools and financial calculators that provide objective and original content, by enabling you to conduct your own research and analyze data for free - so that you can make sound financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site come from companies that pay us. This compensation may impact how and when products are featured on the site, such as, for example, the order in which they appear in the listing categories, 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 have no impact on the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offerings that could be available to you.



SHARE:

On This Page On This Page
Prev Next







Kali9/Getty Image
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 has a specialization in helping readers with the ins and outs of securely borrowing money to purchase an automobile.







Edited 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 by providing concise, well-studied and well-researched content that breaks down complicated topics into digestible chunks.









The promise of the Bankrate promise
More information
At Bankrate we aim to help you make smarter financial decisions. We adhere to the highest standards of editorial integrity ,
This article may include references to products from our partners. Here's an explanation for how we earn money .

The promise of the Bankrate promise
Founded in 1976, Bankrate has a proven track history of helping people make smart financial choices.
We've been able to maintain this status for more than 40 years by simplifying the process of financial decision-making
process and giving people confidence in the decisions they will follow next. process and gives people confidence in the next step.
so you can trust you can trust us to put your needs first. All of our content was authored with and edited
We make sure that everything we publish will ensure that our content is reliable, honest and trustworthy. Our loans reporters and editors concentrate on the areas that consumers are concerned about most -- various kinds of lending options as well as the best rates, the top lenders, how to pay off debt and much more. So you can feel confident when investing your money.



Integrity in editing
Bankrate follows a strict standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors, reporters and editors produce honest and reliable content to help you make the right financial decisions. Our main principles are that we respect your confidence. Our goal is to offer readers accurate and unbiased information. We have editorial standards in place to ensure that is the case. Our reporters and editors rigorously verify the truthfulness of content in order to make sure the information you're receiving is correct. We keep a barrier between advertisers as well as our editorial staff. The editorial team of Editorial Independence Bankrate does not receive compensation directly by our advertising partners. Editorial Independence Bankrate's editorial team writes on behalf of YOU as the reader. Our goal is to give you the most accurate advice to help you make smart personal financial decisions. We adhere to strict guidelines for ensuring that editorial content isn't affected by advertisements. Our editorial staff receives no direct compensation from advertisers, and our content is verified to guarantee its accuracy. Therefore, whether you're reading an article or review, you can trust that you're receiving reliable and reliable information.



How we make money
There are money-related questions. Bankrate has the answers. Our experts have helped you understand your money for over four decades. We strive to continuously provide consumers with the expert advice and tools required to be successful throughout their financial journey. Bankrate adheres to strict standards standard of conduct, which means that you can be sure that our content is honest and accurate. Our award-winning editors and reporters produce honest and reliable content that will help you make the best financial decisions. The content we create by our editorial team is factual, accurate and is not influenced by our advertisers. We're transparent about how we are capable of bringing high-quality information, competitive rates and useful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and services or when you click on specific links on our site. So, this compensation can affect the way, location and in what order the products are listed within categories, except where it is prohibited by law for our mortgage, home equity and other home loan products. Other factors, such as our own rules for our website and whether or not a product is available within your area or at your personal credit score may also influence the manner in which products are featured on this site. Although we try to offer a wide range offers, Bankrate does not include information about each financial or credit item or service.



Buying a comes with many advantages, such as a slower depreciation, lower costs and a cheaper upfront price. The present state of the new automobile market bolsters the last aspect -- the new cars hit record highs in late summer, making this an ideal time to think about buying a used vehicle. Current state of used vehicle market summer closed out with high prices. The average used car sold for $28,219 in July and similarly at $28,061 in August, as per Kelley Blue Book. However, used cars are considerably less expensive than what is offered on the new car dealer lot. Since the onset of the pandemic, the automobile market has been a dramatic shift away from normalcy and is slowly creeping back toward normalcy, but without much results. However, it's not all negative. While we're still not at 2021's levels of used price and availability, it is a good spot to buy used and refurbished vehicles, says Chris Frey, Cox Automotive's chief economist and industry analysis. The cost to finance, own and operate vehicles is in the midst of record-high prices. made by the Federal Reserve make the cost to finance your vehicle higher and fuel prices are fluctuating as well. But 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 a less expensive, used vehicle , you'll save on your monthly installment. The prices of used cars are decreasing, but not by much. In general, used prices are falling in the opinion of Henry Hoenig, a data journalist at Jerry but not much. The Jerry team analyzed the top selling cars in 2022 and then compared them to 2021 lightly used models and discovered that "As of August, only seven out of the 10 cars were worth more than the price of sticker on previously owned models." This implies that the prices of used cars are more expensive than they were historically, but on par with the current market volatility. The used car inventory is also much more than the dealerships, since they remain in a state of catching up with supply chain issues. While prices might be more expensive than they've been in the past, the availability of used vehicles is higher than the availability of brand new vehicles. Inventory of used cars is up 10 percent compared to this time in the year before, according to the third quarter of Cox Automotive's industry analysis, a positive sign 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 the other COVID-related shortages we have experienced." Although manufacturers of other daily products were able pick up quickly, cars can be more difficult to make. It is important to remember that the market for used cars is based on drivers quitting their cars which is why when there aren't so many people who are buying new vehicles, there can be an effect that will affect used car availability later on. Due to these combined factors, you may find yourself facing greater competition and possibly higher prices for used cars however that doesn't mean buying a used vehicle a bad option. Should I purchase a second-hand car? The decision to buy a second-hand car boils down to need. There's no ideal solution , especially with various macro-environmental effects that increase costs. Because while experts predict that inventory of new cars will get back to normal by spring 2023, the majority of drivers do not have the luxury to wait for prices to decline. If you're looking to purchase a car, buying used over new could mean money saved. The combined factors of high demand for new vehicles and a limited inventory and interest rates above usual levels make vehicle costs more expensive either way, but buying used is dramatically cheaper. Five questions you should ask when buying a used car . Although it is lower price, it could also carry an additional skepticism that is associated from a car that has no history. To ease these fears be sure to ask the appropriate questions to learn about the history of the new set of wheels. 1. What is the history of ownership of the vehicle? A car with a lot of owners is not necessarily good news, but it could mean that the vehicle had serious problems that drivers were trying to avoid fixing -- or were unable to solve. Ask the dealer how many owners it had and the length of time each driver had it. A lot of owners with short spans of time can be cause for anxiety. Bankrate tip
Think about buying a car. The vehicle must also meet the additional requirements created by the manufacturer. The manufacturer must also guarantee against any vehicle defects.


2. Has the car been in any accidents? Although you can look up a car's accident record through sites such as Carfax or AutoCheck however, it is recommended to inquire with the dealer prior to purchase. Even if the accident was minor , it's crucial to find out how the damage was handled and whether you'll need to face any consequences in the course of ownership. 3. Can I look at the maintenance documents? Most dealerships that are authorized to sell vehicles have records of the done on a car, but asking directly can be an excellent way to assess the vehicle's care. Avoid buying the vehicle that isn't subject to regular maintenance because it could cause higher expenses down the road. 4. Do you have a clear car title? A clear vehicle title states that the car does not have any remaining disputes in the ownership of the vehicle and also confirms that the car has no restrictions that block the sale. If the seller cannot present a clear title for the vehicle, take this as a red flag and walk away from the transaction. 5. Can I take the vehicle out for a test drive? It is essential to test drive the vehicle before you sign on the dotted lines, particularly when you are purchasing the used car. Be patient when driving and try to be aware of the driving experience and the condition of the car. This is also a great opportunity to talk in a less intense environment and ask salesperson questions about the car. Next steps Buying used is the best way to get behind the wheel of a fairly new vehicle while still saving money. Although the prices of today might be higher however, purchasing used cars are less expensive than buying a brand new option. The secret to finding the most affordable used vehicle is answering the correct questions and negotiating the most affordable financing. Learn more


SHARE:
Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely taking out loans to buy the car they want.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances with concise, well-studied information that breaks down complicated subjects into digestible pieces.






Auto loans editor




Similar Articles: Auto Loans 5 minutes read March 02, 2023

Auto Loans 6 min read Dec 01 2022

Auto Loans 3 min read on Nov 21, 2022

Auto Loans 5 min read Sep 27 2022






About
Help
Legal Cookie settings Don't sell my personal information
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or by you clicking on specific links on our website. This compensation could impact how, where and in what order items appear within listing categories, except where prohibited by law. We also offer mortgage or home equity products, as well as other home loan products. Other factors, such as our own website rules and whether the product is offered in your region or within your self-selected credit score range can also impact the way and place products are listed on this website. We strive to offer a wide range offers, Bankrate does not include specific information on every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
|

(c) 2023 Bankrate, LLC. The Red Ventures company. All Rights Reserved.

If you beloved this information and you want to be given guidance with regards to payday loans online same day deposit (https://usloanreq.site/) generously stop by our web-page.