Should you buy a used car now or wait? Let’s look at the state of the used car market right now and answer this important question.
Car prices went through the roof shortly after the coronavirus pandemic, and some used cars were being sold at higher prices than when they were new. Fast forward three years and we still see prices above the pre-pandemic level, but that’s to be expected. Modern vehicles have much more technology and features that make driving better than ever before. These added items suggest new and used car prices should be higher now than in the past.
The used car market right now might not be ideal, but its better than its been for the past few years. If you want to find a great deal, consider these tips.
What do you need? What do you want?
Too often, we use the word need for something that is no more than a desire. You don’t need heated seats, but it would be nice to have them. What you actually need is a safe car with four doors, air conditioning, and heat, but there might be a few additional items you put in the need pile. Make sure these are items that you must have before moving them to this list.
Consider various models from several brands
You might have a particular brand loyalty because of where you work or where your parents worked. This brand loyalty is fine if you simply want a model that wears a badge you admire, but its not necessary. Its possible to find a more affordable price and better financing when considering alternative brands instead of only a select few models. With the state of the used car market right now, it makes sense to choose the vehicle that makes the most sense, regardless of the brand name.
Maybe an older model will suit you
If you want to drive a used car but you’re not willing to pay the high interest rates associated with used car loans right now, try paying cash for an older model. You’ll be amazed by how long an older vehicle lasts and might choose to avoid car loans altogether in the future. Even if you don’t choose to do this, if you buy an older vehicle for cash to wait out the current interest rates, you can easily use the vehicle as part of the trade for your next car.
Find vehicles that meet your needs in more unusual places
Once you’ve figured out your budget and what you need in a car, find the cars that meet those needs through online searches. You can use various sites to find the vehicles you want. Some sites direct you towards dealerships where you can secure financing while other sites are geared more toward the personal seller that requires you pay cash for the transaction. If you’re willing to put in the time and effort, you can find some great cars that will meet your needs and give you the desired driving experience.
Use your current car as leverage
With the current state of the used car market, you can get a lot more for your current ride than you might expect. Many dealerships have been offering more than some used cars are worth to entice customers into newer vehicles. Now might be the perfect time for you to leverage your current ride and get the most value possible from it. You can even put some dealers against each other, especially if more than one has the right vehicle for you to buy.
Patience and readiness are key to success
It might take time for you to find the used car you want, but once you do, it will be time to pounce on that vehicle and close the deal. You might not get the best deal possible, but you can still get a good deal on the car you want to drive. Make sure that the car has everything you need and a few of the items from your want list. Used cars are selling fast, which means you’ve got to close the deal when you find the vehicle and the pricing you’re after.
The current state of the used car market allows you to find some great used vehicles to drive, but you’ve got to be patient and ready to buy the right car when the deal appears. We might not see prices drop in the future, but interest rates should eventually decline. That doesn’t mean you can’t find a great deal right now.
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