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Is now 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 smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing original and objective content. We also allow you to conduct research and compare data for no cost - so that you can make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies that compensate us. This compensation may impact how and when products are featured on the site, such as such things as the order in which they may appear within the listing categories and other categories, unless prohibited by law for our mortgage home equity, mortgage and other products for home loans. This compensation, however, does affect the content we publish or the reviews you read on this site. We do not contain the universe of companies or financial deals that may be available 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 to navigate the ways and pitfalls of taking out loans to purchase the car they want.







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

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down otherwise complex topics into digestible chunks.









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Buying a comes with many advantages, such as a slower depreciation, less expense and a less expensive upfront cost. The present state of the new automobile market bolsters the last fact that new cars hit record highs in late summer, making this the perfect time to think about purchasing a used car. The present situation of used vehicle market The summer closed out with high costs, with the average vehicle was sold for $28,219 during July, and a similar figure of the $28,061 mark in August according to Kelley Blue Book. However, used vehicles are significantly cheaper than those sold on the new car dealer lot. Since the start of the epidemic, the vehicle market has swung dramatically away from normalcy, and has been slowly moving back to normalcy with little progress. However, it's not all negative. Although we're not yet at 2021's levels of used price and availability, we are in a good location to buy secondhand, encourages Chris Frey, Cox Automotive's director of economic and industry research. The cost to finance, own and operate vehicles is in the midst of record-high prices. These prices imposed by the Federal Reserve make the cost to finance your vehicle more expensive , and gasoline prices fluctuate as well. But financing a used car is still lower than new ones at $515 per month as opposed to $667 in the second quarter of 2022, according to . Therefore, by opting for a less expensive, used car, you will save on your monthly installment. Prices for used cars are slowing, but only a little overall, prices for used cars are falling, in the opinion of Henry Hoenig, a data journalist for Jerry however, not much. The Jerry team reviewed the best selling cars in 2022 and compared them with 2021 lightly used models and discovered that "As of August, only seven of the 10 cars were worth more than the sticker price on used models." This means that used car prices remain more expensive than they were in the past, but they are on par with the current volatility of the market. The available used vehicle inventory is also much larger than it was, because dealers remain in a state of catching up with supply chain issues. While prices might be higher than they have previously been, availability of used cars is greater than the availability of brand new vehicles. Inventory of used cars has increased by 10 percent to this time last year, as per Cox Automotive's 3rd quarter industry analysis, a positive sign for the upcoming year. "Prices remain high due to the fact that there's not enough vehicles," Hoenig says. "It's important to remember this isn't like COVID-related shortages like we faced." Although manufacturers of other daily products were able to pick back up relatively quickly, cars can be more difficult to manufacture. It's important to keep in mind that the used car market 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 car availability later on. Because of these factors, you may encounter more competition and slightly higher prices for used vehicles, but that doesn't make buying a used vehicle an undesirable option. Do I need to buy a used car? The issue of purchasing a used car comes in the form of a need. There's no ideal solution car, particularly with the many macro-environmental impacts increasing cost. While experts say that inventory of new cars will return to normal by spring 2023, most motorists don't have the luxury to wait for prices to fall. If you're looking to buy a vehicle, purchasing used instead of new could save you money. The combination of demand for new cars and the low inventory with the usual high rates of interest can make the cost of a vehicle more expensive in both cases, however purchasing used vehicles is significantly more affordable. Five questions you should 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 alleviate these worries be sure to ask the appropriate questions to learn about the history of your potential new car. 1. What is the ownership history of the car? A vehicle that has many owners is not necessarily good news, but it could mean that the vehicle had serious issues that the owners were trying to avoid fixing or were unable to solve. Find out from the dealer how many owners it had and the length of time each owner was in it. Many owners over short periods of time should cause concern. Bankrate tip
Think about buying a car. They must also meet other requirements created by the manufacturer. They must also be covered against any vehicle defects.


2. Have you seen the vehicle involved in any crashes? While it is easy to check a vehicle's accident history on sites like Carfax or AutoCheck, it is best to inquire with the dealer prior to purchase. Even if the accident was minor it is important to know how the damage was dealt with and if you will 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 the done on a car, but asking them directly is a good way to gauge the quality of care given to the vehicle. Avoid buying an automobile that hasn't been through regular maintenance as it could mean higher costs later on. 4. Is there a clear vehicle title? A clear title for a vehicle indicates that the car does not have any remaining disputes with regards to ownership, confirming that the vehicle does not carry any restrictions that block the possibility of selling it. If the seller cannot present an unambiguous title to the vehicle consider this to be a red flag and walk away from the transaction. 5. May I take the car for a drive? It is essential to feel the vehicle before you sign on the dotted lines, particularly when you are purchasing the used vehicle. Take your time when test driving, and make sure you get a feel for the car's handling and condition. of the car. This is also a good chance to chat in a less intense environment and ask the salesperson any questions about the vehicle. The next step is to buy used. It's the best opportunity to take the wheel of a new vehicle while still saving money. Although prices today may be higher, buying used is still cheaper than a brand new alternative. The trick to getting the best used car is answering the correct questions and for the most affordable financing. Learn more


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of 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 the end of 2021. They are committed to helping readers gain confidence to manage their finances through providing precise, well-researched and accurate information that breaks down complex topics into manageable bites.






Auto loans editor




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