With the economy on a slow turn and the cost of new cars skyrocketing, many consumers consider buying used autos. Used cars have become an increasingly popular option for getting more bang for your buck in rapidly rising new-car prices, but it’s important to know that you’re not always guaranteed to get the best deal with surging used-car prices. In this article, you’ll learn how to navigate surging used-car prices in 2024.
Are Used Cars Worth It With Surging Prices?
With the average price of a new car rising to $35,000 in 2024 from $28,000 in 2017, used cars have become an increasingly popular option for getting more bang for your buck. Prices for pre-owned vehicles have risen steadily over the past decade and aren’t showing any signs of slowing down anytime soon. In fact, a study estimates that used-car prices will rise by approximately 6% or higher at the end of 2024.
Get The Timing Right
Surging used-car prices are a result of rising new-car prices, which in turn is the result of escalating and rising wages. You can use this opportunity to buy a car that’s more affordable right now and will become more accessible later on when the new-car market has settled down. By talking to fellow family members and friends or doing online research, find out when you can find cheaper used cars.
Open Up Your Search Location
The largest online used-car marketplace is available in every state and U.S. territory, and you can use it to search all kinds of vehicles by ZIP code. You’ll be able to see the range of prices for similar cars in your area, how long they stayed on the market, and which dealerships were selling them. Use one of the following search locations: new and used car dealerships, private sales, different websites rollsauto.com, Craigslist, and eBay.
Buying a used vehicle with the help of these services or sites will save you lots of money compared to buying a new car, but it’s important to make sure that you’re not falling for some common used-car traps. By doing your research and being wary of surging used-car prices, you’ll avoid getting ripped off when it comes time to buy an affordable vehicle in 2024.
Track Prices And Consider Lower-Demand Models
It’s vital that you track used-car prices and know exactly where they are at any given time. The most accurate way to keep track of what the market will bear is by comparing the selling prices of cars similar to the one you want. You’ll want to buy a vehicle that has depreciated the least since it’s now your best opportunity to get a great deal.
When looking at how much certain models are worth, consider vehicles manufactured earlier or those that were hot sellers when they first came out but have since lost some of their appeals.
Be Willing To Compromise
If you’re unable to land an affordable used car when looking to buy at the beginning of 2024, do not give up. Instead, be willing to compromise your original demands and expectations and be ready to take a used vehicle that is not too surprising. If the price of a used vehicle is still too high, consider making a trade-in with your old car or getting help from a credit union or bank for financing. A little bit of flexibility can go a long way when it comes to buying an affordable vehicle in this market.
Compare Financing Options
With most car loans, you’ll have to pay in full at purchase. Some lenders, though, are able to offer financing in installments, which will make buying a used vehicle a little bit more affordable. If you’re not able to make a payment on your car loan at this point, don’t give up hope. Continue doing research and keep an eye on the prices of used vehicles. At some point, you’ll be able to come up with a plan that will help you buy an affordable used car in 2024.
Buy Your Best Used Vehicle
Once you’ve done your research and found a reasonable price for the kind of vehicle you want, go ahead and buy it. You may feel a bit nervous about making an investment in a used vehicle, so it is important that you take a leap of faith. The truth is that you never really know if the price of a used vehicle will rise or fall. It’s easier to buy than to wait and see if the price will go down, so go ahead and get your best used vehicle today.
The Bottom Line
Used-car prices are rising, and many consumers are now looking for simpler and less expensive ways to get around. If you’re looking to buy a used vehicle in 2024, do your research now not to be surprised by how much cars can cost. Understanding your financing options and tracking the price trend of comparable vehicles will allow you to make a smarter decision when it comes to buying an affordable used car in this market.