Now may be the best time to buy a used car, Lincoln dealer says
LINCOLN, Neb. (KLKN) – Over the past year, the average price for used vehicles in the U.S. has dropped, but dealers aren’t sure how long that will last.
According to the U.S. Bureau of Labor Statistics, the cost of used cars and trucks has fallen by over 13% since February 2022, while the price of new vehicles went up by almost 6%.
Tyler Wilson, assistant manager at Winners Circle Auto Center in Lincoln, said used cars have been going down in price, but people are still unsure about buying cars.
“We’re seeing a lot of people who are a little bit weary of buying a vehicle right now because of prices,” he said. “They were going up, and then we’re starting to see them slowly go back down.”
Wilson said the average price of a used car is between $15,000 and $25,000 right now, which he says is affordable for many people.
He said sometimes what makes or breaks a deal is interest rates and the term you’ll be paying for.
He’s hopeful that we’ll see prices continue to drop but said it’s hard to know what’s going to happen.
“It’s about as even as the house market right now,” Wilson said. “You never really can tell. Interest rates are going up ever since the feds raised the rates. It’s continuing to go up. But you just never know what’s going to happen.”
The supply of used cars is also getting thinner, and Wilson said it’s getting harder for dealers to find and buy cars while keeping prices low for customers.
Before buying a used car, he advises that you ask the dealer for the CarFax. By checking into a car’s history, you can find out if the vehicles had any crashes or maintenance problems you need to know about.
By doing research and looking at as many options as possible, Wilson says you can be sure you’re getting the best deal.
“Look two, three, four of them up, find the best price, compare miles,” he said. “Nobody wants you to overpay for a car. Find what you want, find something that’s affordable for you. If you know that you can afford it within your heart, then go ahead and do so.”