How To Beat Used Car Price Inflation In 2022
Used cars have typically been the preferred choice for budget-conscious buyers looking to save money on a new car purchase, but with used car prices rising at an alarming rate, it’s becoming increasingly difficult to get a good deal on one of these vehicles.
2021 saw used car prices rise by 30% on average, with some higher-end models experiencing a 70% rise in price. This is largely due to the fact that there are fewer used cars available than ever before, and as more people opt for a second-hand model over a brand-new vehicle, demand has increased dramatically.
Fortunately, there are a few tips and tricks that you can employ to beat used car inflation in 2022, so read on to find out how to do just that.
- Track Car Prices Before You Buy
If you want to ensure you don’t pay too much for your next used car, then you need to make sure you know exactly what you’re getting into when buying a pre-owned vehicle.
The best way to do this is to track the prices of similar vehicles over time, which will give you a better idea of whether or not you’ll be able to buy a decent used car for less than its original cost.
- Don’t Be Afraid To Shop Around
Used car dealerships often claim they offer the lowest prices around, but if you shop around, you may find that you can get a better deal elsewhere.
It can be tempting to go for the first shiny car that you see, but this could result in you paying way over the odds. Instead, take your time and look around – you might even find something cheaper than what you were expecting!
- Consider Finance Options
Another option to help you beat the inflation of used car prices is to use a financing option. This will allow you to spread the payments over a longer period of time, meaning you won’t have to pay such high monthly instalments.
When choosing a car finance option, make sure you choose one that offers competitive rates and flexible terms, as well as one that suits your needs. You will also need to check your credit score; if yours isn’t great, you may struggle to secure a loan, although it is worth noting that bad credit doesn’t mean you can’t apply for car finance; there are a number of companies that offer car finance and options to those with poor credit, so take care to shop around.
- Avoid Buying A Second-Hand Vehicle That Is Too Old
One of the biggest reasons why used car prices are increasing is because there are simply fewer used cars available than there once were. As a result, many people who would normally consider purchasing a used car are opting instead for a brand-new vehicle, which means that there are far more nearly new cars being sold than older models.
While an older car may seem a little cheaper initially, it is important to note that there are often hidden costs associated with older cars – they are more likely to break down and need expensive repair work, and may also suffer from rust issues.
You should always try to purchase a car with low mileage, as this will reduce the chances of any problems arising during your ownership. However, when buying a second-hand car, it’s important to remember that mileage counts towards the overall condition of the vehicle, so you should opt for something with low mileage, as well as a vehicle that is in good overall shape.
- Consider An Electric Vehicle
As electric vehicles become increasingly popular, their prices continue to drop, making them a viable alternative to traditional petrol-powered vehicles. If you’re looking to save money on fuel bills, then an EV could be the perfect choice for you, and this can be a great long-term option that allows you to save money in the long run, although you may have to spend more on your initial purchase.
Used car prices are rising due to a combination of factors, including the fact that there are fewer new cars being produced than ever before.
However, by taking some simple steps, you can ensure that you don’t end up paying too much for a used car. By shopping around, comparing different deals, and using a few tricks like avoiding buying a second-hand vehicle that is too old or has too much mileage, you can find yourself driving away in a car that is both affordable and reliable.