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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 in navigating the ins and outs of securely using loans to buy the car they want.







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 control their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.









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The purchase of a used car has many benefits, including slower vehicle depreciation, lower cost and a cheaper upfront price. The current state of the new automobile market bolsters the last point -- new vehicles have reached record levels in the last week of summer, making this an ideal time to think about buying a used vehicle. The current condition in the market for used cars The summer ended with record prices, the average used vehicle sold for $28,219 in July, and $28,061 in August, according to Kelley Blue Book. However, used vehicles are considerably less expensive than the ones offered at new car dealerships. Since the onset of the pandemic, vehicle market has swung dramatically away from normalcy and has been slowly moving back towards normalcy without much 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 good location to buy secondhand and refurbished vehicles, says Chris Frey, Cox Automotive's senior manager for economic and industry insights. The cost to finance, own and operate vehicles is still at record levels. The Federal Reserve make the cost to finance your vehicle more expensive and gas prices are also fluctuating. However, financing a used car is still less than for new ones at $515 per month, compared to 667 for the 2nd quarter in 2022 according to . So, by choosing to a less expensive, used vehicle , you'll save on your monthly payments. The prices of used cars are cooling, but only slightly In general, used prices are dropping, in the opinion of Henry Hoenig, a data journalist for Jerry however, not by much. The Jerry team reviewed the best selling cars in 2022 and compared them with 2021 lightly used models and concluded that "As of August, only seven out of the 10 cars were worth more than used than the cost of the pre-owned cars." This implies that prices for used cars remain higher than they have been historically, but on par with the current market volatility. The inventory of used vehicles remains more than the dealerships, since they are still struggling to catch in the supply chain. So, while prices may be higher than they had been in the past, the supply of used cars is above the availability of brand new vehicles. Inventory of used cars has increased by 10 percent to last year, as per Cox Automotive's 3rd quarter market research, a positive sign for the coming year. "Prices remain high due to the fact that there's not enough vehicles," Hoenig says. "It's important to be aware that this isn't like the other COVID-related shortages that we experienced." While the makers of other items used daily were able pick up quickly, cars are much more difficult to make. It's important to be aware that the used car market is driven by people who are who are selling their cars which is why even if there's not enough people buying new cars, there could be a domino effect on the availability of used cars down the road. Due to these combined aspects, you might be met with more competition and slightly higher prices for used vehicles, but that doesn't make purchasing a used car an unwise choice. Do I need to buy a used car? The question of buying a second-hand car boils in the form of a need. There's no ideal solution car, particularly with the numerous macro-environmental factors that are increasing the 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 fall. If you're looking to purchase a car buying used over new could result in savings. The combined factors of high demand for new cars and the lower inventory, coupled with the usual high rates of interest can make the cost of a vehicle more expensive regardless, however, buying used is considerably cheaper. Top 5 questions to ask when buying a used car . Although it is lower , it can carry additional fear that comes with an unknown vehicle's past. To mitigate these feelings make sure you ask the right questions to understand the history of the new set of wheels. 1. What is the history of ownership of the vehicle? A vehicle with many 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 and the length of time each driver had it. Many owners over short periods of time are cause for concern. Bankrate tip
Consider purchasing a vehicle. These vehicles must meet additional specifications set by the manufacturer. They must also be covered against any vehicle defects.


2. Has the car been in any crashes? While it is easy to check a vehicle's accident history on websites like Carfax or AutoCheck, it is best to speak with the dealer in advance. Even if the collision was minor it is important to find out how the damage was dealt with and if you will have to take care of any repercussions in the course of ownership. 3. Are there any 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 excellent way to assess the vehicle's care. Avoid buying a vehicle that hasn't undergone regular maintenance because it could result in higher costs later on. 4. Does the vehicle have a clear title? A clear title for a vehicle indicates that the vehicle does not have any outstanding disputes with regard to its ownership as well as confirming that the vehicle isn't subject to any limitations that prevent the possibility of selling it. If the seller is unable to present an unambiguous title to the vehicle, take this as an indicator to walk away from the transaction. 5. May I take the car for a test drive? It is essential to get a feel for the car before signing on the dotted line, particularly when you are purchasing an older vehicle. Take your time when test driving, and be aware of the car's handling and condition. of the car. This is also a great opportunity to speak in a more relaxed environment and ask the salesperson questions about the car. The next step is to buy used. It's the best opportunity to take the steering wheel of a relatively new car while saving money. While the prices of today might be higher but buying used is cheaper than purchasing a brand-new option. The trick to getting the most efficient used car is making the appropriate inquiries and negotiating the most favorable financing offer. 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 in navigating the ins and outs of securely borrowing money to purchase an automobile.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances with concise, well-studied information that break down complicated subjects into digestible pieces.






Auto loans editor




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