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4 min read. Published September 30, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls of taking out loans to purchase an automobile.







Editor: 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 and well-researched content that breaks down complicated subjects into bite-sized pieces.









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A used vehicle comes with a variety of advantages, including a lower rate of depreciation, lower costs and a less expensive upfront cost. The current state of the new car market is a further proof of the previous fact that new cars hit record highs in late summer. This makes now the perfect time to think about buying a second-hand car. The current condition in the market for used cars The summer closed out with high costs, with the average car sold for $28,219 in July and similarly at the $28,061 mark in August according to Kelley Blue Book. But used vehicles are still significantly less expensive than the ones available at new car dealerships. Since the beginning of the epidemic, the car market has dramatically shifted away from normalcy and is slowly creeping back towards normalcy without much results. But it is not all negative. Although we're not yet at the 2021 level of used prices and availability, we are in a great spot to buy used according to Chris Frey, Cox Automotive's chief economist and industry insights. However, the cost of financing, purchasing and operate vehicles is still in the midst of record-high prices. The Federal Reserve make the cost to finance your vehicle higher and fuel prices fluctuate as well. But financing a used car is still cheaper than buying new, at $515 per month as opposed to 667 for the 2nd quarter in 2022, according to . If you choose to purchase use a cheaper, used car, you will save on your monthly installment. Prices for used cars are cooling, but only slightly Overall, used prices are dropping, as per Henry Hoenig, a data journalist at Jerry but not by much. The Jerry team analyzed the top selling vehicles in 2022 and compared them to 2021 models that were lightly used and found that "As of August, only seven of the 10 vehicles were worth more than the sticker price on pre-owned cars." This indicates that used car prices are still higher than they have been historically, but on par with the current volatility of the market. The inventory of used vehicles remains larger than it was, because dealers are still struggling to catch in the supply chain. So, while prices may be more expensive than they've been in the past, the supply of used cars is above that of brand new cars. The inventory of used cars has increased by 10 percent to the same time in the year before, according to Cox Automotive's 3rd quarter market research, a positive sign for the coming year. "Prices remain high because there aren't enough vehicles," Hoenig says. "It's crucial to keep in mind that this isn't like some of COVID-related shortages like we have experienced." Although manufacturers of other items used daily were able to pick up relatively quickly, cars are more difficult to manufacture. It is important to remember that the used car market is driven by people who are who are selling their cars, so if there aren't enough people buying new cars, there could be a domino effect on used car availability later on. Due to these combined factors, you may encounter increased competition and slightly higher prices for used vehicles However, that doesn't mean purchasing a used car an undesirable option. Should I purchase a second-hand vehicle? The question of buying a second-hand car boils in the form of a need. There's no ideal solution car, particularly with the many macro-environmental impacts increasing cost. Since experts believe that new vehicle inventory should return to normal by spring 2023, the majority of motorists don't have the luxury to wait for prices to fall. If you are looking to buy a vehicle, purchasing used instead of new could save you money. The combined factors of high demand for new cars and the low inventory with higher interest rates than usual can make the cost of a vehicle more expensive either way, but purchasing used vehicles is significantly less expensive. Five questions you should ask when buying a used car . Although it is lower , it can carry an additional skepticism that is associated from a car that has no history. To ease these fears, ask the right questions to understand the history of your new car. 1. What is the history of ownership of the vehicle? A car with a lot of owners is not necessarily good news, but it could mean that the car had major issues that drivers tried to avoid fixing or were unable to fix. Find out from the dealer how many owners the vehicle had, as well as the length of time that each one of them had it. Owners who have a short period of time can be cause for anxiety. Bankrate tip
You should think about purchasing a vehicle. The vehicle must also meet the additional specifications set by the manufacturer. They must also be covered against any defect in the vehicle.


2. Has the car been in any crashes? While it is easy to examine a car's history of accidents through sites such as Carfax or AutoCheck however, it is recommended to ask the dealer upfront. Even if the collision was minor , it's crucial to find out how the damage was dealt with and if you'll have to face any consequences during ownership. 3. Are there any maintenance documents? The majority of authorized dealerships for vehicles will have records of maintenance performed on a car, but having a conversation with the dealership directly is an effective way to determine the quality of care given to the vehicle. You should avoid buying the vehicle that isn't subject to regular maintenance, as it may result in higher costs down the road. 4. Is there a clear vehicle title? A clear title for a vehicle indicates that the vehicle does not have any remaining disputes in regards to ownership as well as confirming that the vehicle isn't subject to any restrictions that block it from being sold. If the seller cannot present a clear title for the vehicle then consider it an indicator to walk away from the transaction. 5. Do I have the opportunity to take the car for a drive? It is vital to feel the vehicle before you sign on the dotted line, especially when it comes to the used car. Make sure you take your time while test driving, and make sure you assess the car's handling and condition. of the car. This is also a good chance to chat in a relaxed setting and ask salesperson questions regarding the vehicle. The next step is to buy used. It's a great opportunity to take the steering wheel of a relatively new car while saving money. And while yes, prices today may be higher, buying used is still less expensive than buying a brand new alternative. The trick to getting the most affordable used vehicle is answering the correct questions, and to get the most favorable financing offer. Find out more


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of using loans to buy an automobile.



Editor: 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 control their finances by providing precise, well-researched and accurate information that breaks down otherwise complex topics into manageable bites.






Auto loans editor




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