Are you interested in buying a used car? Then you might be in luck. The economic landscape is currently very hospitable to prospective drivers, with low sticker prices, falling fuel costs and other financing options offering plenty of opportunities for savvy shoppers.
Used car prices
The Wall Street Journal reported that used car prices have fallen for four straight months. That included August, and with plenty of September sales and end-of-summer specials taking place, the trend likely continued throughout the month.
While the cost of these pre-owned vehicles is dropping, it's important to note that it is coming down from historic highs. So although the price of a used car might be less than what it was in the spring, it is likely still more expensive than in past years. Of course, this all depends on what makes, models and model years you're looking at, so there is sure to be plenty of ways to find great value.
Ownership costs remains manageable
Buying a used car is just the beginning. Drivers who find themselves behind the wheel also have to be ready to make monthly insurance payments, pay off loans and invest in any necessary maintenance. All of this can add up quickly, which is why you need to be smart about your investment.
For example, finding a used car with great fuel economy could save you money in the long run. According to a report from AAA, the national average for a gallon of gas consistently dropped throughout September, and as of Sept. 22 it sat at $3.34 per gallon. This figure continues to fall due to a decrease in demand, as many summer travelers are settling close to home for autumn, and the seasonal switch to less expensive winter oil. All of that may seem like just a lucky break, but it can actually mean major savings for people who get plenty of miles to the gallon.
If you're ready to buy a used car, consider turning to New Jersey State Auto Auction for help. This auction lot is packed with hundreds of Carfax-certified cars, trucks and vans – one of which could be perfect for your next ride. It also has an in-house financing team ready and willing to help you wade through the numbers and determine which buying option is right for you.