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Is now a good time to purchase a secondhand car? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. We also allow users to conduct research and compare information for free and help you make informed financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on the site, such as such things as the order in which they appear within the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews that appear on this website. We do not include the vast array of companies or financial deals 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 with the ins and outs of securely using loans to buy an automobile.







The edit was done 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 the confidence to control their finances through providing concise, well-studied and well-researched content that breaks down otherwise complex topics into manageable bites.









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Buying a comes with many advantages, including a lower rate of depreciation, less expense and a less expensive upfront cost. The current 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 second-hand car. The current state of the used car market The summer closed out with high costs, with the average vehicle was sold for $28,219 during July and similarly at $28,061 in August, as per Kelley Blue Book. However, used cars are considerably less expensive than the ones offered on the new car dealer lot. Since the beginning of the pandemic, the car market has dramatically shifted away from normalcy and has been inching back to normalcy with little results. But it is not all negative. While we are not near 2021 levels of used prices and availability however, the market is in a favorable location to buy secondhand, encourages Chris Frey, Cox Automotive's director of economic and industry analysis. Unfortunately, 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 car more expensive , and gasoline prices are also fluctuating. But financing a used car is still cheaper than buying new ones at $515 per month, compared to an average of $667 during the first quarter 2022, according to . Therefore, by opting for use a cheaper, used car, you will save on your monthly installment. Prices for used cars are slowing, but only a little Overall, used prices are declining according to Henry Hoenig, a data journalist at Jerry, but not significantly. The Jerry team reviewed the best selling cars in 2022 and compared them to 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 pre-owned models." This implies that used car prices are still higher than they have been previously, but are in line with the current market volatility. The used car inventory remains more than the dealerships, since they are still playing catch up to supply chain issues. Therefore, although prices may be more expensive than they've previously been, inventory of used cars is above that of brand new cars. Inventory of used cars is up by 10 percent to the same time last year, according to the third quarter of Cox Automotive's industry insights which is a good sign for the coming year. "Prices remain high because there's not enough vehicles available," Hoenig says. "It's important to remember this isn't like some of the other COVID-related shortages that we faced." While the makers of other products used in daily life were able to pick up fairly quickly, cars can be more difficult to produce. It's important to be aware that the market for used cars is built off drivers getting rid of their vehicles which is why if there aren't enough people buying new cars, there can be a domino effect on used availability down the line. Because of these aspects, you might be met with greater competition and possibly higher prices for used vehicles However, that doesn't mean buying a second-hand car a bad option. Should I buy a used car? The question of buying a used car comes in the form of a need. There's no ideal solution and there are many macro-environmental impacts increasing cost. Since experts believe that the inventory of new vehicles will return to normal by spring 2023, most drivers do not have the luxury to wait for prices to drop. If you're planning to purchase a car, purchasing used instead of new could save you money. The combined factors of high new vehicle demand and low inventory with interest rates above usual levels mean that the price of vehicles is higher either way, but buying used is considerably cheaper. The top five questions to ask when buying a secondhand car While comes with a lower , it can carry additional fear that comes with a vehicle's history that is not known. To ease these fears, ask the right questions to learn about the history of your potential new car. 1. What is the history of ownership of the vehicle? 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 as well as the length of time each driver had it. Many owners over short periods 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. They must also be covered against any defects in the vehicle.


2. Has the car been in any accidents? While you can easily look up a car's accident record on websites like Carfax or AutoCheck, it is best to ask the dealer upfront. Even if the accident was minor , it's crucial to know what the procedure was for handling the damage and if you'll have to take care of any repercussions when you purchase the vehicle. 3. Do I have access to the maintenance documents? Most dealerships that are authorized to sell vehicles have records of the done on a car, but having a conversation with the dealership directly is an effective way to determine the vehicle's care. It is best to avoid purchasing the vehicle that isn't subject to regular maintenance because it could result in higher costs down the road. 4. Do you have a clear car title? A clear title to a vehicle states that the car doesn't have any outstanding disputes with regard to its ownership as well as confirming that the vehicle has no limitations that prevent the sale. If the seller is unable to present an unambiguous title to the vehicle, take this as an indicator to walk away from the deal. 5. Do I have the opportunity to take the car for a drive? It is vital to test drive the car before signing on the dotted line, especially when it is an older vehicle. Take your time when test driving, and make sure you get a feel for the driving experience and the condition of the car. This is also a good opportunity to talk in a less intense environment and ask the salesperson questions about the vehicle. Next steps Buying used is a great option to get behind the steering wheel of a relatively new car while saving money. While prices may be higher today however, purchasing used cars are cheaper than purchasing a brand-new alternative. The key to getting the most affordable used car is asking the right questions and negotiating the most favorable financing offer. 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 to navigate the details of borrowing money to purchase an automobile.



Editor: Rhys Subitch Edited by Auto loans editor

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






Auto loans editor




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