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Is now a good time to buy a used car? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare data for no cost - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers such as, 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 site are from companies that pay us. This compensation could affect how and where products appear on this site, including, for example, the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage, home equity and other products for home loans. However, this compensation will have no impact on the content we publish or the reviews appear on this website. We do not contain the entire universe of businesses or financial offers that may be open to you.



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4 min read Published September 30, 2022
Authored 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 using loans to buy a car.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances through 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, less expense and a cheaper upfront price. The present state of the new car market reinforces the final point -- new vehicles hit record highs in late summer, making this an ideal time to think about purchasing a used car. The current state in the market for used cars summer ended with record costs, with the average car sold for $28,219 in July, and a similar figure of $28,061 in August, as per Kelley Blue Book. But used vehicles are still dramatically cheaper than those sold at new car dealerships. Since the start of the pandemic, the automobile market has been a dramatic shift away from normalcy, and has been inching back towards normalcy without much results. But it is not all bad news. While we are not near 2021 levels of used prices and availability, it is a great place to purchase used vehicles according to Chris Frey, Cox Automotive's director of economic and industry analysis. However, the cost to finance, own and maintain vehicles is at record levels. The Federal Reserve make the cost to finance your car more expensive and gas prices fluctuate as well. However, financing a used vehicle is still cheaper than buying new at $515 per month as opposed to 667 for the 2nd quarter in 2022, according to . Therefore, by opting for buy a used, less costly vehicle you can save money on your monthly installment. The prices of used cars are decreasing, but not by much. Overall, used prices are declining according to Henry Hoenig, a data journalist at Jerry but not significantly. The Jerry team reviewed the best selling vehicles in 2022 and then compared them to 2021 models that were lightly used and found that "As as of August, just seven out of the 10 vehicles were worth more than the price of sticker on pre-owned cars." This means that used car prices remain higher than they have been previously, but are in line with the current market volatility. The inventory of used vehicles is also much larger than it was, because dealers are still playing catch up to supply chain issues. Therefore, although prices may be higher than they had been in the past, the availability of used cars is greater than that of brand 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 due to the fact that there still aren't enough vehicles," Hoenig says. "It's important to be aware that this isn't the same as the other COVID-related shortages that we faced." Although manufacturers of other items used daily were able to pick up quickly, cars are much more difficult to make. It's important to keep in mind that the used car market is based on drivers who are selling their cars and when there aren't as many drivers buying new there could be a domino effect on the availability of used cars down the road. Due to these combined elements, you could encounter increased competition and slightly higher prices for used cars, but that doesn't make buying a used vehicle an unwise choice. Should I buy a used vehicle? The decision to buy a second-hand car boils down to the need. There's no ideal solution , especially with various macro-environmental effects that increase costs. Since experts believe that inventory of new cars will get back to normal by spring 2023, many drivers do not have the luxury to wait for prices to decline. If you are looking to buy a vehicle, buying used over new can save you money. The combined factors of high new vehicle demand and low inventory with higher interest rates than usual mean that the price of vehicles is higher in both cases, however purchasing used vehicles is significantly more affordable. Top 5 questions to ask when purchasing a second-hand 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 alleviate these worries, ask the right questions to learn about the history of your potential new car. 1. What is the history of ownership of the car? A car with a lot of owners is not always bad news but can mean that the car was plagued by major issues that the owners were trying to avoid fixing -- or could not solve. Ask the dealer how many owners it had, along with the amount 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. These vehicles must meet additional specifications set by the manufacturer and guarantee against any vehicle defects.


2. Did the vehicle have any crashes? While it is easy to examine a car's history of accidents through sites such as Carfax or AutoCheck however, it is recommended to inquire with the dealer prior to purchase. Even if the collision was minor , it's crucial to find out how the damage was dealt with and if you'll have to deal with any repercussions in the course of ownership. 3. Are there any maintenance records? Most dealerships that are authorized to sell vehicles have records of maintenance performed on a vehicle, but asking them directly is an effective way to determine the condition of your vehicle. It is best to avoid purchasing the vehicle that isn't subject to regular maintenance because it could cause higher expenses down the road. 4. Is there a clear vehicle title? A clear title for a vehicle indicates that the car does not have any remaining disputes in regard to its ownership, confirming that the vehicle isn't subject to any limitations that prevent it from being sold. If the seller cannot present a clear title for the vehicle then consider it an indication of fraud and off the deal. 5. May I take the car for a test drive? It is vital to test drive the car before signing on the dotted lines, particularly when you are purchasing the used vehicle. Take your time when test driving and try to get a feel for the car's handling and condition. of the car. This is also a great opportunity to talk in a relaxed setting and ask salesperson questions about the car. Next steps Buying used is an excellent way to get behind the wheel of a new car and still save money. While the prices of today might be higher however, purchasing used cars are cheaper than purchasing a brand-new option. The secret to finding the best used vehicle is answering the correct questions and negotiating 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 specializes in assisting readers in navigating the ins and outs of securely taking out loans to buy a car.



Editor: 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 take control of their finances with clear, well-researched information that breaks down complicated topics into bite-sized pieces.






Auto loans editor




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