#find a used car
Why you can’t find a good used car at the right price
If you’re looking for a deal on a late-model used car, keep looking. Thanks to the continued slowdown in sales and leases of new cars (which become used the minute they’re driven off of the showroom floor), the fact that people are holding onto their cars longer, and ongoing demand from value-conscious buyers who don’t want to buy new, good used cars are going for higher prices than ever — if you can even find one.
In an announcement Thursday, national dealer network Carmax said it was selling fewer used cars, and is having trouble getting them at a decent price. Average selling prices continued to climb, as the tight supply of late-model used vehicles increased our acquisition costs compared with the prior year, the company said in a statement.
Despite higher prices, late-model used cars are still a good deal, according to Consumer Reports’ auto experts:
Late-model vehicles are still among the best values you’ll find. They usually have many years of life left in them and often have advanced safety features. And they’ve already taken their biggest hit in depreciation. A new car loses about 64 percent of its value in the first five years, but a three-year-old car, for example, will lose only about 32 percent in the next five years.
To avoid paying extra, Consumer Reports suggests not going for certified vehicles: Buying a certified car is like buying insurance in case something happens, and we’ve found you often pay more for the warranty than you would for any needed repairs. Instead, buy a reliable used car and pocket the money you’d spend on the certification.”