Is Now the WORST Time to Buy a Used Car?
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- Опубликовано: 21 май 2024
- Buyers are returning to car lots after years of waiting, but many are facing sticker shock. A new report from Edmunds highlights that while the used-car market is thriving with vehicles quickly selling, the average price of used cars remains significantly higher than pre-pandemic levels. The average used car sold for $27,113 in the first quarter of this year, a 4.5% drop from last year but still 34% higher than in 2019.
New car prices also decreased slightly to $46,992, marking the first time in nearly two years that average transaction prices have been below $47,000. The influx of older used cars, with the average trade-in age rising to 9.4 years, suggests more affordable vehicles will soon be available, potentially boosting the industry.
However, buyers are increasingly opting for newer used vehicles due to the high prices of new cars. Edmunds predicts this trend will continue until new car incentives return. Buyers are advised to remain cautious and well-informed as they navigate this changing market.
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A $27K used car at a average used car interest rate of 12% (low tier credit rating) adds almost $10K interest over a 60 month term! CRAZY!!! With good credit a loan from a credit union at an average of 8%, adds over $6k in interest. Still crazy!
I was shopping for a new BRZ last year but despite the videos about prices "crashing" dealers had them at and above MSRP. Some used 2023's were priced above MSRP, at CARMAX and others. Gave up and bought another Cayman. Didn't really want a cheap Japanese car although my 2006 ACURA TSX has been rock solid reliable in the 12 years I've owned it. Nothing but routine maintenance.