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Is this the best 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 better financial decisions by offering interactive financial calculators and tools as well as publishing original and objective content. We also allow users to conduct research and analyze data for free - 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 Make money The products that appear on this site are from companies that compensate us. This compensation could affect how and when products are featured on this site, including such things as the sequence in which they appear in the listing categories in the event that they are not permitted by law for 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 you see on this site. We do not include the vast array of companies or financial offerings that could be open to you.
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Kali9/Getty Images
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 in navigating the ins and outs of securely taking out loans to purchase a car.
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 the confidence to manage their finances with concise, well-studied and well-researched content that breaks down complicated topics into manageable bites.
The Bankrate promise
More details
At Bankrate we aim to help you make smarter financial decisions. We adhere to the highest standards of ethical standards ,
This article may include references to products from our partners. Here's an explanation for how we make money .
The promise of the Bankrate promise
Founded in 1976, Bankrate has a long track experience of helping customers make wise financial decisions.
We've maintained this reputation for over four decades by simplifying the process of financial decision-making
process, and gives people confidence about the actions they should follow next. Bankrate follows a strict ,
so you can trust that we're putting your interests first. All of our content was created by and edited by ,
They ensure that what we write will ensure that our content is reliable, honest and reliable. Our loans reporters and editors concentrate on the areas that consumers are concerned about most -- the various types of loans available and the most competitive rates, the top lenders, how to pay off debt and much more. So you'll be able to feel secure when investing your money.
Integrity in editing
Bankrate adheres to a strict code of conduct , so you can trust that we put your interests first. Our award-winning editors and reporters create honest and accurate information to aid you in making the best financial decisions. Our main principles are that we appreciate your trust. Our aim is to provide readers with accurate and unbiased information. We have standards for editorial content in place to ensure that happens. Our reporters and editors thoroughly fact-check editorial content to ensure the information you're receiving is true. We keep a barrier between our advertisers and our editorial team. Our editorial team doesn't receive direct compensation by our advertising partners. Editorial Independence Bankrate's editorial staff writes in the name of YOU - the reader. Our aim is to provide you the best advice to help you make smart personal finance decisions. We follow strict guidelines for ensuring that editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and all of our content is verified to guarantee its accuracy. If you're reading an article or a review, you can be sure that you're receiving reliable and dependable information.
How do we earn money?
There are money-related questions. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We strive to continuously provide our readers with the professional advice and tools needed to succeed throughout life's financial journey. Bankrate adheres to strict standards standard of conduct, which means that you can be sure that our information is trustworthy and accurate. Our award-winning editors and journalists create honest and accurate information to assist you in making the right financial choices. Our content produced by our editorial staff is objective, factual, and not influenced by our advertisers. We're open about how we are in a position to provide quality information, competitive rates and useful tools for our customers 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 through you clicking specific links on our website. This compensation could influence the manner, place and in what order the products are listed within categories, with the exception of those it is prohibited by law for our mortgage, home equity and other products for home loans. Other factors, like our own website rules and whether a product is available within the area you reside in or is within your own personal credit score could also affect the manner in which products are featured on this site. Although we try to offer the most diverse selection of products, Bankrate does not include information about each financial or credit item or service.
The purchase of a used car has many benefits, including slower vehicle depreciation, lower cost and a cheaper upfront price. The present state of the new car market is a further proof of the previous point -- new vehicles hit record highs in late summer -- making now a good time to consider buying a second-hand car. The current situation in the market for used cars The summer ended with high prices, the average used vehicle sold for $28,219 in July and similarly at $28,061 in August, according to Kelley Blue Book. However, used cars are considerably cheaper than those available at new car dealerships. Since the start of the epidemic, the car market has dramatically shifted away from normalcy, and has been inching back to normalcy with little success. However, it's not all bad news. While we're still not at the 2021 level of used prices and availability but we are in a great location to buy secondhand, encourages Chris Frey, Cox Automotive's chief economist and industry research. Unfortunately, the cost of financing, own and operate vehicles is experiencing record high prices. The Federal Reserve make the cost to finance your vehicle more expensive , and gasoline prices are fluctuating as well. However, 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 buy a used, less costly vehicle you can save money on your monthly installment. Prices for used cars are decreasing, but not by much. Overall, used prices are dropping according to Henry Hoenig, a data journalist for Jerry, but not much. The Jerry team analyzed the top selling cars in 2022 and compared them with models that are lightly used in 2021 and found that "As as of August, just seven out of the 10 cars were worth more than the sticker price on used vehicles." This implies that used car prices remain more expensive than they were historically, but on par with the current market volatility. The available used vehicle inventory also remains much larger than it was, because dealers remain in a state of catching up to supply chain issues. Therefore, although prices may be higher than they have always been before, supply of used cars is greater than those of new cars. Inventory for used vehicles has increased by 10 percent to the same time last year, as per Cox Automotive's third quarter industry insights, a positive sign for the coming year. "Prices remain high due to the fact that there still aren't enough vehicles available," Hoenig says. "It's crucial to keep in mind that this isn't the same as the other COVID-related shortages we have experienced." While manufacturers of other products used in daily life were able to pick back up relatively quickly, cars can be more difficult to produce. It's important to keep in mind that the used car market is built off drivers who are selling their cars, so if there aren't enough people buying new cars, it could have a domino effect on used car availability later on. Because of these elements, you could encounter more competition and slightly higher prices for used vehicles however that doesn't mean buying a second-hand car a bad option. Should I purchase a second-hand vehicle? The decision to buy an used vehicle comes in the form of a need. There is no perfect , especially with many macro-environmental impacts increasing costs. Since experts believe that new vehicle inventory should return to normal by spring 2023, many motorists don't have the luxury to wait for prices to drop. If you're looking to buy a vehicle, buying used over new can save you money. The factors that make up high demand for new cars and the low inventory with interest rates above usual levels can make the cost of a vehicle more expensive in both cases, however buying used is dramatically more affordable. The top five questions to ask when buying a secondhand car . Although it is reduced price, it may also bring an additional skepticism that is associated with an unknown vehicle's past. To mitigate these feelings, ask the right questions to gain an understanding of the background of your new set of wheels. 1. What is the ownership history of the car? A car with a lot of owners isn't always negative, but it could indicate that the vehicle had serious issues that drivers tried to avoid fixing or couldn't solve. Find out from the dealer how many owners it had, as well as the length of time each owner was in it. Many owners over short periods of time can be cause for worry. Bankrate tip
You should think about purchasing a vehicle. They must also meet other specifications set by the manufacturer. They must also be covered against any defect in the vehicle.
2. Have you seen the vehicle involved in any crashes? Although you can examine a car's history of accidents on sites like Carfax or AutoCheck but it is better to speak with the dealer in advance. Even if the accident was not too serious, it's important to find out how the damage was handled and if you'll have to deal with any repercussions in the course of ownership. 3. Can I look at the maintenance documents? The majority of authorized dealerships for vehicles will keep records of any maintenance done on a car, but having a conversation with the dealership directly is an effective way to determine the condition of your vehicle. You should avoid buying a vehicle that hasn't undergone regular maintenance, as it may mean higher costs down the road. 4. Is there a clear vehicle title? A clear vehicle title states that the car does not have any outstanding disputes with regards to ownership as well as confirming that the vehicle has no limitations that prevent the possibility of selling it. If the seller can't provide a clear title for the vehicle, take this as a red flag and walk away from the transaction. 5. Can I take the vehicle for a drive? It is essential to get a feel for the car before signing on the dotted line, particularly when you are purchasing the used car. Make sure you take your time while test driving, and make sure you assess the driving experience and the condition of the vehicle. This is also a good opportunity to speak in a more relaxed environment and ask the salesperson questions about the vehicle. The next step is to buy used. It's an excellent way to get behind the steering wheel of a relatively new car and still save money. Although the prices of today might be higher, buying used is still cheaper than a brand new option. The secret to finding the most efficient used car comes down to asking the right questions, and to get the best financing deal. Learn more
SHARE:
Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of using 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 from late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing precise, well-researched and accurate information that breaks down complex topics into manageable bites.
Auto loans editor
Similar Articles: Auto Loans 5 minutes read Mar 02, 2023.
Auto Loans 6 minutes read Dec. 01, 2022
Auto Loans 3 min read Nov 21 2022
Auto Loans 5 minutes read on Sep 27, 2022
About
Help
Legal Cookie settings Do not share my information with anyone else.
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and, services, or for you clicking certain links posted on our site. This compensation could influence the manner, place and in what order products are displayed within the categories of listing, except where prohibited by law. We also offer mortgage or home equity products, as well as other products for home loans. Other elements, like our own proprietary website rules and whether the product is offered in your region or within your self-selected credit score range could also affect how and where products appear on this website. Although we try to provide the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
|
(c) 2023 Bankrate, LLC. It is a Red Ventures company. All Rights Reserved.
If you beloved this article and you also would like to receive more info with regards to quick same day direct payday loans online no credit check nicely visit our web page.
Financing your home purchase or refinancing your existing loan Finding the right lender Additional Information
Looking for a financial advisor? Try our three minute test and connect to an adviser today.
Main Menu Banking
Compare Accounts Use calculators Get assistance from Bank reviews
Looking for a financial advisor? Take our 3 minute quiz and match with an advisor today.
Main Menu Credit cards
Compare with other categories Compare by credit needed Compare with issuers Get advice
Looking for the perfect credit card? Find it with CardMatch(tm)
Main Menu Loans
Auto Loans Loan calculators
Find an individual loan in 2 minutes or less Answer some questions to be offered loans, with no impact to your score on credit.
Main Menu for Investing
Top of the Brokerages, and Rob-Advisors. Learn the basics Additional information
Looking for a financial advisor? Take our 3 minute quiz and connect with an advisor today.
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Find the lowest rates Lender reviews Use calculators Knowledge base
Looking for a financial advisor? Do our 3-minute quiz and match to an adviser today.
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Selling a home Buying an investment property Locating the right agent resources
Looking for a financial advisor? Take our 3 minute quiz and match with an advisor today.
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Is this the best 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 better financial decisions by offering interactive financial calculators and tools as well as publishing original and objective content. We also allow users to conduct research and analyze data for free - 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 Make money The products that appear on this site are from companies that compensate us. This compensation could affect how and when products are featured on this site, including such things as the sequence in which they appear in the listing categories in the event that they are not permitted by law for 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 you see on this site. We do not include the vast array of companies or financial offerings that could be open to you.
SHARE:
The Page On This Page on This Page
Prev Next
Kali9/Getty Images
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 in navigating the ins and outs of securely taking out loans to purchase a car.
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 the confidence to manage their finances with concise, well-studied and well-researched content that breaks down complicated topics into manageable bites.
The Bankrate promise
More details
At Bankrate we aim to help you make smarter financial decisions. We adhere to the highest standards of ethical standards ,
This article may include references to products from our partners. Here's an explanation for how we make money .
The promise of the Bankrate promise
Founded in 1976, Bankrate has a long track experience of helping customers make wise financial decisions.
We've maintained this reputation for over four decades by simplifying the process of financial decision-making
process, and gives people confidence about the actions they should follow next. Bankrate follows a strict ,
so you can trust that we're putting your interests first. All of our content was created by and edited by ,
They ensure that what we write will ensure that our content is reliable, honest and reliable. Our loans reporters and editors concentrate on the areas that consumers are concerned about most -- the various types of loans available and the most competitive rates, the top lenders, how to pay off debt and much more. So you'll be able to feel secure when investing your money.
Integrity in editing
Bankrate adheres to a strict code of conduct , so you can trust that we put your interests first. Our award-winning editors and reporters create honest and accurate information to aid you in making the best financial decisions. Our main principles are that we appreciate your trust. Our aim is to provide readers with accurate and unbiased information. We have standards for editorial content in place to ensure that happens. Our reporters and editors thoroughly fact-check editorial content to ensure the information you're receiving is true. We keep a barrier between our advertisers and our editorial team. Our editorial team doesn't receive direct compensation by our advertising partners. Editorial Independence Bankrate's editorial staff writes in the name of YOU - the reader. Our aim is to provide you the best advice to help you make smart personal finance decisions. We follow strict guidelines for ensuring that editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and all of our content is verified to guarantee its accuracy. If you're reading an article or a review, you can be sure that you're receiving reliable and dependable information.
How do we earn money?
There are money-related questions. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We strive to continuously provide our readers with the professional advice and tools needed to succeed throughout life's financial journey. Bankrate adheres to strict standards standard of conduct, which means that you can be sure that our information is trustworthy and accurate. Our award-winning editors and journalists create honest and accurate information to assist you in making the right financial choices. Our content produced by our editorial staff is objective, factual, and not influenced by our advertisers. We're open about how we are in a position to provide quality information, competitive rates and useful tools for our customers 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 through you clicking specific links on our website. This compensation could influence the manner, place and in what order the products are listed within categories, with the exception of those it is prohibited by law for our mortgage, home equity and other products for home loans. Other factors, like our own website rules and whether a product is available within the area you reside in or is within your own personal credit score could also affect the manner in which products are featured on this site. Although we try to offer the most diverse selection of products, Bankrate does not include information about each financial or credit item or service.
The purchase of a used car has many benefits, including slower vehicle depreciation, lower cost and a cheaper upfront price. The present state of the new car market is a further proof of the previous point -- new vehicles hit record highs in late summer -- making now a good time to consider buying a second-hand car. The current situation in the market for used cars The summer ended with high prices, the average used vehicle sold for $28,219 in July and similarly at $28,061 in August, according to Kelley Blue Book. However, used cars are considerably cheaper than those available at new car dealerships. Since the start of the epidemic, the car market has dramatically shifted away from normalcy, and has been inching back to normalcy with little success. However, it's not all bad news. While we're still not at the 2021 level of used prices and availability but we are in a great location to buy secondhand, encourages Chris Frey, Cox Automotive's chief economist and industry research. Unfortunately, the cost of financing, own and operate vehicles is experiencing record high prices. The Federal Reserve make the cost to finance your vehicle more expensive , and gasoline prices are fluctuating as well. However, 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 buy a used, less costly vehicle you can save money on your monthly installment. Prices for used cars are decreasing, but not by much. Overall, used prices are dropping according to Henry Hoenig, a data journalist for Jerry, but not much. The Jerry team analyzed the top selling cars in 2022 and compared them with models that are lightly used in 2021 and found that "As as of August, just seven out of the 10 cars were worth more than the sticker price on used vehicles." This implies that used car prices remain more expensive than they were historically, but on par with the current market volatility. The available used vehicle inventory also remains much larger than it was, because dealers remain in a state of catching up to supply chain issues. Therefore, although prices may be higher than they have always been before, supply of used cars is greater than those of new cars. Inventory for used vehicles has increased by 10 percent to the same time last year, as per Cox Automotive's third quarter industry insights, a positive sign for the coming year. "Prices remain high due to the fact that there still aren't enough vehicles available," Hoenig says. "It's crucial to keep in mind that this isn't the same as the other COVID-related shortages we have experienced." While manufacturers of other products used in daily life were able to pick back up relatively quickly, cars can be more difficult to produce. It's important to keep in mind that the used car market is built off drivers who are selling their cars, so if there aren't enough people buying new cars, it could have a domino effect on used car availability later on. Because of these elements, you could encounter more competition and slightly higher prices for used vehicles however that doesn't mean buying a second-hand car a bad option. Should I purchase a second-hand vehicle? The decision to buy an used vehicle comes in the form of a need. There is no perfect , especially with many macro-environmental impacts increasing costs. Since experts believe that new vehicle inventory should return to normal by spring 2023, many motorists don't have the luxury to wait for prices to drop. If you're looking to buy a vehicle, buying used over new can save you money. The factors that make up high demand for new cars and the low inventory with interest rates above usual levels can make the cost of a vehicle more expensive in both cases, however buying used is dramatically more affordable. The top five questions to ask when buying a secondhand car . Although it is reduced price, it may also bring an additional skepticism that is associated with an unknown vehicle's past. To mitigate these feelings, ask the right questions to gain an understanding of the background of your new set of wheels. 1. What is the ownership history of the car? A car with a lot of owners isn't always negative, but it could indicate that the vehicle had serious issues that drivers tried to avoid fixing or couldn't solve. Find out from the dealer how many owners it had, as well as the length of time each owner was in it. Many owners over short periods of time can be cause for worry. Bankrate tip
You should think about purchasing a vehicle. They must also meet other specifications set by the manufacturer. They must also be covered against any defect in the vehicle.
2. Have you seen the vehicle involved in any crashes? Although you can examine a car's history of accidents on sites like Carfax or AutoCheck but it is better to speak with the dealer in advance. Even if the accident was not too serious, it's important to find out how the damage was handled and if you'll have to deal with any repercussions in the course of ownership. 3. Can I look at the maintenance documents? The majority of authorized dealerships for vehicles will keep records of any maintenance done on a car, but having a conversation with the dealership directly is an effective way to determine the condition of your vehicle. You should avoid buying a vehicle that hasn't undergone regular maintenance, as it may mean higher costs down the road. 4. Is there a clear vehicle title? A clear vehicle title states that the car does not have any outstanding disputes with regards to ownership as well as confirming that the vehicle has no limitations that prevent the possibility of selling it. If the seller can't provide a clear title for the vehicle, take this as a red flag and walk away from the transaction. 5. Can I take the vehicle for a drive? It is essential to get a feel for the car before signing on the dotted line, particularly when you are purchasing the used car. Make sure you take your time while test driving, and make sure you assess the driving experience and the condition of the vehicle. This is also a good opportunity to speak in a more relaxed environment and ask the salesperson questions about the vehicle. The next step is to buy used. It's an excellent way to get behind the steering wheel of a relatively new car and still save money. Although the prices of today might be higher, buying used is still cheaper than a brand new option. The secret to finding the most efficient used car comes down to asking the right questions, and to get the best financing deal. Learn more
SHARE:
Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of using 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 from late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing precise, well-researched and accurate information that breaks down complex topics into manageable bites.
Auto loans editor
Similar Articles: Auto Loans 5 minutes read Mar 02, 2023.
Auto Loans 6 minutes read Dec. 01, 2022
Auto Loans 3 min read Nov 21 2022
Auto Loans 5 minutes read on Sep 27, 2022
About
Help
Legal Cookie settings Do not share my information with anyone else.
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and, services, or for you clicking certain links posted on our site. This compensation could influence the manner, place and in what order products are displayed within the categories of listing, except where prohibited by law. We also offer mortgage or home equity products, as well as other products for home loans. Other elements, like our own proprietary website rules and whether the product is offered in your region or within your self-selected credit score range could also affect how and where products appear on this website. Although we try to provide the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
|
(c) 2023 Bankrate, LLC. It is a Red Ventures company. All Rights Reserved.
If you beloved this article and you also would like to receive more info with regards to quick same day direct payday loans online no credit check nicely visit our web page.


