Buys Used Cars – Buyers of the most used cars will find lots of offers in 2018. A number of registered vehicles come from rent, increase dealer supply and reduce prices – or at least keep them flat. In addition, vehicles that find their way to many dealers better reflect what today’s customers want: crossover, SUVs and trucks. But if you are looking for an older used car, you will have a harder time finding what you want, and you may have to pay more than you expected.
What’s going on here? It leads to supply and demand. Like Jonathan Smoke, chief economist for Cox Automotive (whose properties include KBB.com and Autotrader), shows, “New vehicles are the source of vehicles used tomorrow.” And at the beginning of this decade, supplies were reduced.
Buys Used Cars
Missing generation. In 2011, when new vehicle sales began to recover after the Great Recession, dealers only sold about 13 million new cars, compared to 17.2 million in 2017. “The hole in the market continues to have an effect,” Smoke said. “Today, we have 20 million fewer vehicles aged five to eight years.”
We have seen the effects of this “lost generation” before. Around 2012, the lack of light cars was so acute that in some cases it made more sense to buy a new car – especially with manufacturers offering big discounts.
No longer. Even with the generous incentives available for new cars, smart buyers will find the best value between used vehicles two to three years because they have lost the biggest share of their initial value.
That said, if you have been out of the market for a while, you might be surprised when you read through the list of used cars. The average transaction price of new cars has risen steadily (and is faster than inflation), and what people pay for used cars also rises. What’s more, rent that sharply limits mileage (often up to 10,000 miles per year) also raises the price of used car models, because cars with low-kilo command are premium.
If those prices make you budge, what about vehicles that have more miles more than the off-lease option? We are talking about vehicles that may have been in fleet services, such as rental cars used. Yes, we know these cars come with stigma, but we think it’s redundant (they are managed carefully by the agency), and that translates into lower prices. Plus, your choice is not only white Chevy Impalas and Chrysler 200s again. Rental agencies think more about reselling when they fill their fleet. When you rent these days, you are more likely to find yourself in something like the well-chosen Toyota RAV-4, and they are vehicles heading to many used cars. The best way to get a high-quality fleet car is to buy it directly from a rental company, rather than buying what has been auctioned and enter the world of used cars on a large scale.
However, most of the vehicles will cost five figures. If you are looking for a more basic wheel, the scarcity of the old model now will be a problem. One suggestion: Skip many used cars (and potentially dangerous subprime credit offers) and dig Craigslist and other websites for cars aged 10 years or older, but with relatively low mileage.
Ivan Drury, a senior analyst for Edmunds.com, said such a car is rare but feasible. “If someone keeps it and it has a low mile on it, you have a rough diamond. It can go forever.” Be sure to have an independent mechanic display on the car. Although these older models may have many miles ahead of them, lack of use can cause some problems themselves (dry or decaying rubber seals, for example) that can be inspected by a trained inspector.
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