Five Reasons You Should Buy Used Cars Now

The new car market, poised for a sixth consecutive year of sales growth, has enjoyed a renaissance since the Great Recession. With prices rising due to strong demand, sellers are making a killing on new models. The same cannot be said in the secondary market, where prices are expected to decline for the foreseeable future. Is now the time to buy? Here are five reasons you should start shopping for used cars ASAP.

1. Lower Prices

Because people can only buy a new or a used car, prices in these markets tend to move in opposite directions depending on demand. As we mentioned, the new vehicle market is hot right now, which means demand for pre-owned vehicles is comparatively low. Not surprisingly, sellers have been lowering prices on these autos to attract new customers. But just because there are deals to be found does not necessarily mean that now is the time to buy. After all, prices could continue to fall to lower levels in the future. With that said, those who need a secondhand ride are certainly in the driver's seat in the present.

2. Larger Selection

Another reason pre-owned values are falling is that drivers are trading in their old rides for new ones, which has greatly increased the industry's supply of cars. Although this trend is undoubtedly bad for sellers, it's definitely good news for shoppers. With unlimited access to millions of secondhand vehicles online, a buyer can find nearly any model he desires. He need not compromise on the features or amenities he wants, since custom models are quite common in the secondary market.

3. Aging U.S. Fleet

Nothing lasts forever, but drivers are treating their cars as if they might. The age of the average U.S. vehicle is at a record high of 11.5 years. Now, as impressive as that kind of longevity may be, it's certainly not safe. Older machines are, after all, at a much higher risk of malfunctioning, breaking down, or simply failing than newer ones. Ancient autos are also far more expensive to care for and maintain than younger ones.

4. Safety Features

In earlier eras, shoppers almost always had to sacrifice safety when they bought used cars. Because safety features were not standard at the time, there was a big difference between older and newer vehicles. But now that these features are required, there are no longer huge discrepancies in the safety of pristine and pre-owned models. Most come fully equipped with multiple airbags, anti-lock brakes, and traction control.

5. Low-Interest Rates

With demand low, lenders are offering better deals on auto loans. Although you should expect to pay a slightly higher interest rate than if you were buying an unused ride, it isn't that much more expensive. Most shoppers with good credit can secure a good deal from the seller or a third-party lender.