Finding the right used car can be a real challenge. Not only do you have to consider the features and performance aspects that matter most to you, but you must stick to a budget. That's no easy task – especially in the current climate. Used car prices continue to climb, putting many drivers in a tough position when it comes time to buy.
The appeal of used cars
Why are expenses so high? It all starts with the quality of vehicles currently on the market. Lightly used models have many features that drivers want, as well as some examples of cutting-edge technology, and they offer all of these perks without major concerns about decreasing value or expensive new car payments.
"Lightly used cars are very appealing to car shoppers since they are equipped with modern technology and have already taken their biggest depreciation hit," said Jessica Caldwell, a senior analyst for Edmunds.com.
Because these vehicles are attractive options for many, the demand is greater, and that impacts price.
Used car prices are up
A recent report from Edmunds.com noted that the average cost of used cars reached a record high in 2014. The average price increased 5.7 percent from 2013 to hit $16,800. Some lightly used vehicles, such as those that were only 1 year old, sold for close to $30,000. Unfortunately, these expenses are well beyond the budgets of many drivers, and motorists will have to work around the high costs to find a car they love.
Edmunds.com also expected prices to keep climbing, at least for the immediate future. However, auto financing options are also more prevalent than ever before, so the expenses may balance out and remain palatable for all types of drivers. While these high prices may be off-putting, it only underscores the importance of shopping around for the best bargains and interest rates.
Shop around to avoid high prices
Because the average cost of used cars is increasing, it's important for drivers to do whatever they can to control expenses. There are plenty of places to find used cars for less than $10,000 – including NJ State Auto Auction. That lot is home to hundreds of Carfax-certified used cars, trucks and vans, and drivers can take advantage of the auction system to find great deals on quality vehicles.