The lack of new cars hitting the market has also caused a shortage of used cars in New York and across the country. This has raised prices, hurting consumers who are faced with the dilemma of pay for a used vehicle as if it were new or get on a waiting list for a new one.
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Car prices are at an all-time high and consumers are feeling the pressure. According to Kelley Blue Book, in June 2021, the average transaction price for a new car was more than $ 42,000. Used car prices (with an average of 68,000 miles on the vehicle) also reached a record average of more than $ 25,000 in that same month.
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So how do you buy a used car in the middle of this crisis? Follow these practical tips.
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In times of pandemic, you have to be patient when buying a used car
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According to Forbes, in these times of pandemic, one must be prepared to wait. “We don’t see a magic bullet or tricks to get around the current pricing environment,” Stephanie Brinley, senior automotive analyst at analytics firm IHS Markit, told the outlet. “Our best advice would be to spend more time on the purchase process and recognize that it will take time to find the best intersection between what a consumer wants to buy and the budget they have allocated to the purchase. “
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Another tip for buying a used car: prepare to be flexible
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Experts suggest that if your ultimate goal is to save money on your purchase, be flexible with the car you will buy. If you make a “wish list” with the characteristics that the car of your dreams should have, it is likely that it will take longer to get it.
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Flexibility with vehicle type and features Accompanying it gives you more possibilities to save money and avoids being on a waiting list.
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If you want to buy a used car, look for cars that have been in stock for a long time.
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If you have a rush to buy a car and can’t wait, try looking for cars that are “gathering dust,” meaning they have been out of inventory for an extended period of time. There are not many, due to the
crisis that prevails in the industry, but there are.
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On various used car websites, including AutoTempest, you can search for the “oldest listing”. By focusing on cars that have been listed the longest, private dealers or sellers can be more flexible in their selling price.
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Be prepared to buy the used car right away
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If you go to a car dealer, you should be prepared to buy immediately, as you may need to act quickly before someone else buys it. To save time, before going to the agency, check your credit rating and have your financing prequalification ready.
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Buy the used car outside your geographical area
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Consumer Reports advises that you broaden your geographic search. If dealerships where you live don’t have the car you want, try vendors outside of your area. But, keep in mind not to stray too far, because then you could incur too many expenses to take it home.
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When buying a used car, don’t pay a lot of money
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Don’t take out a very large loan. For example, if you are paying 18% on MSRP (Manufacturer’s Suggested Retail Price) for a Kia Telluride, consider how much it will be worth when the crisis turns. In other words, if you are paying on a price today, consider how that might affect when you want to sell it again, in a non-pandemic time.
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