Those who have been following the used car market for years are well aware of the fact that there are no signs of slowing down. Not only are used car sales about three times bigger than new car sales, there is simply plenty of room for both profit and savings, depending on which side of the market you are. The following is a comprehensive review of the reasons and tips for buying a used car and saving more than you hoped for.
One of the reasons why the used car market has been going strong for the past five years is the recession and the fact that the automakers built far fewer vehicles simply because demand hit record lows. Demand is now back at its regular level but supply is short, which is obviously good news for dealers.
On the other hand, the vehicles sold or leased in 2011 or 2012 are now becoming increasingly available on the used car market, and the supply of cars is increasing, which is good news for consumers.
According to Sandy Schwartz, the president of Cox Automotive, the used car market will be stable for the next five years, and an increased supply of used vehicles will result in better deals for the shoppers as well as more choices.
Nowadays, cars are built much better compared to a few decades ago, which means they can last for a really long time. Thus, for a family on a budget buying a used vehicle can save big bucks without having to compromise on quality.
The safest way to go when buying a used car is opting for a certified pre-owned vehicle. For a pre-owned vehicle to get certified, it is necessary for the dealer to check it thoroughly to make sure it’s free of any problems, as well as issue a warranty for it. Certified pre-owned cars or trucks have fewer miles on them than other used vehicles, and, not surprisingly, are in the highest demand.
For instance, purchasing a certified car that is 3 or 4 years old and has between 30,000-40,000 miles on it translates into thousands of dollars of savings for a car that’s hardly been driven. With this being a buyer’s market, you can get a great deal on more expensive cars, thus saving more in the long run. At Infiniti of Cincinnati, you can get a 2012 Infiniti M37 4dr with only 22,000 miles on it for just under $35,000, which is a great deal for a car that’s practically new, considering they can go for over $40,000 when brand new.
Although there are lots of good reasons to choose used over new vehicles, don’t forget to do your homework before making a purchase. Have an expert look at a car before deciding whether it’s in good or bad shape so that your purchase doesn’t turn into a nightmare. Do your research, save money on buying used and enjoy your purchase in the years to come.