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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 has a specialization in helping readers to navigate the details of borrowing money to purchase a car.

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

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing precise, well-studied information that break down complex topics into manageable bites.

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A used vehicle comes with a variety of advantages, including a lower rate of depreciation, lower cost and a cheaper upfront price. The present state of the new automobile market bolsters the last point — new vehicles set records in late summer — making now the perfect time to think about purchasing a used car. The current state in the market for used cars summer ended with record prices, the average used vehicle was sold for $28,219 during July, and a similar figure of $28,061 in August, as per Kelley Blue Book. However, used cars are significantly less expensive than the ones offered at new car dealerships. Since the start of the pandemic, automobile market has been a dramatic shift away from normalcy, and has been inching back toward normalcy, but without much results. But it is not all negative. While we’re still not at the 2021 level of used prices and availability but we are in a good place to purchase used vehicles according to Chris Frey, Cox Automotive’s chief economist and industry analysis. Unfortunately, the cost of financing, own and operate vehicles is still in the midst of record-high prices. The Federal Reserve make the cost to finance your vehicle more expensive , and gasoline prices fluctuate as well. However, financing a used vehicle is still cheaper than buying new, at $515 per month, compared to an average of $667 during the first quarter 2022 according to . So, by choosing to a less expensive, used vehicle , you’ll save on your monthly payment. Used car prices are slowing, but only a little Overall, used prices are declining, as per Henry Hoenig, a data journalist for Jerry however, not by much. The Jerry team looked at the top selling vehicles of 2022 and then compared them to 2021 models that were lightly used and discovered that «As of August, only 7 out of 10 vehicles were worth more than the sticker price on pre-owned vehicles.» This means that used car prices remain more expensive than they were previously, but are in line with the current volatility of the market. The inventory of used vehicles also remains much higher than , as dealerships are still playing catch up with supply chain issues. Therefore, although prices may be more expensive than they’ve been in the past, the supply of used vehicles is higher than those of new cars. The inventory of used cars has increased by 10 percent to this time last year, as per Cox Automotive’s third quarter market research, a positive sign for the coming year. «Prices remain high due to the fact that there aren’t enough vehicles available,» Hoenig says. «It’s crucial to keep in mind that this isn’t like the other COVID-related shortages that we have experienced.» While the makers of other daily products were able to pick back up fairly quickly, cars are more difficult to manufacture. It’s important to keep in mind that the used car market is built off drivers who are selling their cars which is why when there aren’t so many people who are buying new vehicles, there could be an effect that will affect used car availability later on. Because of these factors, you may find yourself facing more competition and slightly more expensive prices for used cars however that doesn’t mean purchasing a used car a bad option. Should I purchase a second-hand car? The issue of purchasing a used car comes down to the need. There isn’t a perfect solution , especially with numerous macro-environmental factors that are increasing the cost. While experts say that new vehicle inventory should return to normal by spring 2023, many drivers don’t have the luxury of waiting for prices to drop. If you’re planning to purchase a car buying used over new could mean money saved. The factors that make up high demand for new cars and the limited inventory and interest rates above usual levels mean that the price of vehicles is higher in both cases, however purchasing used vehicles is significantly less expensive. Top 5 questions to ask when purchasing a second-hand vehicle. While it comes with a lower price, it could also carry an additional skepticism that is associated with a vehicle’s history that is not known. To ease these fears make sure you ask the right questions to learn about the history of your potential new set of wheels. 1. What is the owner’s history of the car? A car with a lot of owners is not always negative, but it could indicate that the car was plagued by major issues that drivers tried to avoid fixing — or couldn’t fix. Ask the dealer how many owners it had as well as the length of time each driver had it. Owners who have a short period of time can be cause for anxiety. Bankrate tip

Think about buying a car. The vehicle must also meet the additional requirements created by the manufacturer. They must also be covered against any defect in the vehicle.

2. Did the vehicle have any crashes? Although you can examine a car’s history of accidents on sites like Carfax or AutoCheck, it is best to ask the dealer upfront. Even if the incident was minor , it’s crucial to know what the procedure was for handling the damage and if you will have to take care of any repercussions when you purchase the vehicle. 3. Do I have access to the maintenance logs? Most authorized vehicle dealerships will have records of the done on a car, but asking them directly is an excellent way to assess the vehicle’s care. It is best to avoid purchasing the vehicle that isn’t subject to regular maintenance, as it may cause higher expenses later on. 4. Does the vehicle have a clear title? A clear vehicle title states that the car does not have any remaining disputes with regards to ownership and also confirms that the car has no restrictions that block it from being sold. If the seller cannot present a clear vehicle title, take this as a red flag and walk off the deal. 5. Do I have the opportunity to take the car for a test drive? It is vital to test drive the car prior to signing on the dotted lines, especially when it comes to the used car. Make sure you take your time while test driving and try to get a feel for the handling and the condition of the car. This is also a good opportunity to talk in a more relaxed environment and ask salesperson questions regarding the vehicle. Following steps: Buying used is the best option to get behind the wheel of a new car while saving money. While prices today may be higher but buying used is cheaper than a brand new alternative. The trick to getting the most affordable used car is answering the correct questions, and to get the most affordable financing. Find out more

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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of using loans to buy an automobile.

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 committed to helping readers gain the confidence to control their finances by providing precise, well-researched and accurate information that breaks down complicated subjects into digestible pieces.

Auto loans editor

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