Do you know how to buy a used car in 2023? The same rules apply to this year, but higher prices and lower inventory levels, its harder to get the best deal.
Can you get a great deal in the current auto market? Yes, but you have to put in some work and be patient. With car prices up and fewer vehicles to choose from, there’s less room for negotiating a great deal. That said, you can still find a reasonable price and the vehicle you want when you’re looking at the pre-owned models offered.
Here are some tips for buying used cars in 2023.
1. Do you really need the car
If you’re buying a vehicle because you see it and want it, but you don’t actually need it, you might want to wait. Prices should drop on pre-owned cars soon, which could mean you’ll find the same car for a much better price in a few months. Sometimes it’s important to wait for the market to cool off to buy something, and that could be the case with your next ride.
2. Set a budget and stick to it
Your next vehicle could require that you take on a car payment you’re not paying right now, which also means your car insurance rates might go up as well. It’s important to figure out how much car you can afford and set your budget. Stick to this budget and make it easy to get the car that fits into your budget. In the used car market, a budget of $15,000 can go a long way, but you’ve got to figure out your budget before doing anything else.
3. Find the right selection of cars
Next, you’ll want to focus on vehicles that have the lowest price increases, but make sure these vehicles all fit your driving needs. It doesn’t do you any good to buy a Mazda Miata when you need a family-sized SUV. Car prices are still up over where they were just a few years ago, but you can figure out which models have the lowest markups. Once you find several models with low markups, and that fit your driving needs, you’ll have a place to start shopping.
4. Test drive several models
You’ve got a list of vehicles that you think might work for your driving needs. Find out where these models are being sold and take them for a test drive. This is where you need to be a bit more patient than most. You’ll deal with car dealerships and individuals that expect you to buy their car, but the final decision is yours. It’s a good idea to test drive five vehicles before making a final decision.
5. Now the work begins; get the best price
How can you get the best price in the current used car market? You’ve got to put dealers against each other. Although the used car market is a low inventory venture right now, nearly every dealer will have some of the most common models. If that’s the case, you can find three dealers with the vehicle you want and start making them earn your business. This starts by asking for the best possible price at one location and then calling the next to make them match or beat it. Keep doing this until you hit the right price for your next vehicle.
6. Patience can pay off
The worst thing to be is desperate for another vehicle when yours breaks. This makes you shark bait for dealerships that know you have to leave their location with a car. If you have a vehicle that drives well, stay patient, and make dealers come to your terms. This might not happen on the first day or with the first phone call. Your patience can pay off, and how you contact these locations will help you get the best deal possible.
Find the right deal and get the vehicle you want to drive
Buying a used car in 2023 can be a serious challenge compared to other years. The used car market has never been in as much flux as it’s been over the last two years. Be willing to go outside of your comfort zone to buy the vehicle you want and drive away in the right model at the right price. It’s your money and your vehicle; once you leave the dealership, they might not think about you again, but you’ll have the used car that you want to drive every day.
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