Used vehicle sales make up three out of four automotive sales in the United States. Since newer vehicles are seemingly costing more and more each year, many more Americans are likely going to start searching for used cars for sale instead of shelling out a significant amount of money for newer models.
“With the gap between the average new and used monthly payments continuing to widen, we’re seeing more prime and super-prime consumers shift toward used vehicles,” said Melinda Zabritski, senior director of automotive financial solutions for Experian.
According to Experian Automotive’s finance report, the average new-vehicle monthly payment for the fourth quarter of 2018 was a record $545, up from about 6% from 2017. The average used vehicle monthly payment increased 4% to approximately $387.
That uptick in new vehicle cost is causing many prospective vehicle buyers, even those with excellent credit history who would otherwise qualify for new vehicle loans, to opt for used cars and save money.
“Historically, consumers have always shopped for vehicles based on monthly payment,” added Zabritski. “And, the shift to used vehicles is one option for people to keep their monthly payments manageable.
Despite the fact that more and more people are checking out used cars for sale, it’s still important to proceed with caution in order to drive off a lot with a quality vehicle for a fair price. Here are two great tips for used car buying in 2019:
- Always be cautious — This is still a predatory industry and car buyers need to be really careful when they even begin the car buying process. Though there are plenty of legitimate dealers who want to help, there are plenty that would rather take advantage.
- Get a professional opinion — It’s important to get an independent mechanic to look at the vehicle you’re thinking about buying before agreeing to purchase it. You should never buy a vehicle unless you know for sure it’s safe and reliable.
If you want to learn more about the benefits of owning pre owned cars or find some quality used cars for sale at trusted used car dealers, contact Auto Sales and Service Inc. right away.
