Looking for a New Ride? Why Now Is the Time to Buy a Used Car
Is it time to upgrade your ride? Or perhaps you are considering getting a smaller, more fuel economic car now that gas prices seem to be on the rise again?
Check Out:How To Spot A Lemon When Buying A Used Car
If you are planning on buying a car this year, now is the time to buy a used car. You may have heard that new car sales are on the rise, but what you may not know is how that can benefit people who are looking to purchase used cars.
Simply put, the more new cars that are being sold, the lower the prices on used cars will go. Why, you may ask?
Trade-ins.
Most people who are looking to purchase a new car are trading in their current vehicle. So, if the sales of new cars are on the rise, that also typically means an influx of used cars entering the market. When the number of used cars that are on the market exceeds the demand, prices need to go down in order to make sure the vehicles get sold.
Analysts don’t see this trend ending any time soon. In fact, they predict that the price of used cars will continue to drop over the next year, and perhaps even beyond.
Here are a few things to keep in mind:
- Car prices tend to go up as the weather warms. As we move into spring and summer, you will see prices increase. Therefore, now is a good time to start looking.
- Certain types of cars are far more popular with consumers, and therefore have higher demand. And in the realm of used cars, where supply does have a limit, higher demand often equates to higher prices. For example, a lot of people are interested in buying larger vehicles, such as SUVs or crossover vehicles. If you are interested in purchasing a smaller (and perhaps more fuel efficient) car, you have the opportunity to save a considerable amount of money.
- You can also use knowledge of the market to your advantage. Since larger cars such as SUVs are in higher demand, you are also more likely to get more money for your current car if you are looking to trade in a car or model that is in demand. You can benefit most from doing this if you look into swapping a larger SUV for a smaller, compact car.
So if it’s time to purchase a car, maybe instead of going new, you should consider going “new to you” in order to get the most bang for your buck!