What’s Going On With The Used Car Market?

Buying used cars

The advice you probably have been getting all your life on used cars is now basically worthless, we mean that as you probably have been told to purchase used cars over new cars because they are worn in and cheaper but not these days.

Now that there is a new car shortage and has been for a while this has car buyers in many major areas like Chicago, Seattle, and New York looking at used cars but that also makes for a bump in the price for used cars because of the demand for them.

Used car prices

The used car prices are just shooting up and really we have no end in sight. Right now you are being forced to spend more than your budget on some vehicles depending on where you live you can see 20% more in the cost. Even budget shoppers are going crazy with this.

Just know that buying a car right now is just plain dumb you’ll be throwing money away no matter how you see it. Even smaller used cars that boost fuel economy are about $2,000 more. So what do you do if you need to buy a car?

What you need to do to buy a car right now

Do your homework you can shop used cars online and see what is out there. Shop both new and used car prices but watch out for the cars that have the highest price hikes.

Wait if you can and try and order cars online straight from the factory you might be able to avoid some high-priced vehicles at a local car lot.

Look at different car options near you

You might want to look at short-term rides or see if you can get a car picking up the last few months of a lease.

With buying a used car as it stands right now the cons are going to have:

• Higher auto financing
• Limited to no warranties
• Gap insurance

You are basically paying a lot more than what the car is worth compared to a new car. Just not a smart move for many car buyers our suggestion is to only buy a car if you absolutely need one.

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