New cars vs. used cars: Why pre-owned vehicles may be your best betLast year, new cars sold for a record average of $34,077.
But used cars sold for around $19,000.
With 3 and a half million cars expected to come “off lease” soon, the time is ripe for used car buyers to strike.
So how do you know you’re getting the best bang for your buck?
TODAY financial editor Jean Chatzky shares her tips.
referring to “On the whole, there’s an increase in the value proposition in the average used car.
Tech perks not far from newAnother driver to used-car demand is the significantly upgraded technology in today’s pre-owned vehicle, Klein said.
“First of all … with more and more leased cars coming off, and back on to the market, what it’s leading to is really high-quality used cars,” he said.
Often, the buyer is going to find things like high-tech infotainment, navigation and auxiliary plug-in capability to be pretty common in a later-model used car.
“I think what is happening is that when people are looking at new cars and comparing them to lightly used cars, even, there isn’t that much of a difference in the value proposition,” Klein said.
Market for used cars revving up
Smoke said, that a large number of relatively young used cars are hitting the market.
Based on Manheim’s data, used cars historically have depreciated at a rate of about 1.5 percent per year.
Dave Lawrenz has heard plenty about the pending free fall for used car prices nationwide as lease returns saturate the market, putting supply way ahead of demand.
With more good used cars hitting the market, experts believe that may be pushing prices up.
Even so, many analysts have been talking about a massive decline in used car prices.
collected by :Haily Jackson
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