Used car prices have be rising steadily for some time, but in the last year there has been a real surge in prices. The year has not reached the halfway point and prices have surged over 10% on average, with some models trading nearly 15% higher than they did last year. If you keep these few things in mind, you can still get value from a used car purchase.
- Set a budget and stick to it. Not just for the car, but insurance and a figure for weekly gas.
- Do a price comparison. If you are set on a Honda Civic, you may pay more than if you are flexible and consider other cars within the same class. Other automakers offer similar cars for thousands less. Also, know a fair price range for the car you are shopping for.
- Look for trouble signs. You do not have to be a mechanic to notice a slight difference in paint color that can mean a past accident or a small puddle of fluid under a car. When in doubt, skip the car.
- Always…Always…Always get a vehicle history report.
If you take care, you can still get a used car that will offer you long term reliability without the major depreciation that a new one will take in the first year. Price changes may not be as obvious as they were when you dad shopped, but value is still there.