Welcome to Extreme Investor Network, where we provide unique and valuable information to help you navigate the world of personal finance. In this blog post, we will discuss the current state of the used car market and provide tips on how to find the best deal when shopping for a car.
As a parent, I recently found myself in the market for a used car for my daughter who is turning 17. I was shocked to find that prices in the used car market have increased significantly in recent years. According to a report from Cox Automotive, the average listing price for used cars is now $25,361, up from just five years ago. This increase can be attributed to the disruption in supply chains and the surge in prices for both new and used vehicles.
With the average transaction price for new cars at $47,823, finding a car for less than $30,000 has become nearly impossible. In fact, 10% of all vehicles sold now cost more than $70,000, compared to just 3% five years ago. This trend is driven by the high-tech features that are now standard in cars, including touch screens, 360-degree cameras, and heated seats.
If you are in the market for a used car, particularly a Jeep like in my case, it’s important to do your research to find the best deal. A recent study analyzed more than 2 million cars to identify the models that are priced the lowest and offer the longest remaining lifespan. While a 10-year-old Wrangler Unlimited ranked well on the list, the average price is still around $23,381.
When it comes to negotiating a price for a car, transparency has made it more challenging for buyers to get a deal. Dealerships are less willing to negotiate on the sticker price, but there may still be room to negotiate on fees or financing offers. Securing a lower interest rate on an auto loan could save you money in the long run.
In the end, I was able to find a Jeep that fit our criteria and budget by searching used inventories at local dealerships. While we did end up spending more than we initially planned, negotiating and exploring financing options helped us save some money.
At Extreme Investor Network, we are committed to helping you make informed decisions about your finances. Stay tuned for more tips and insights to help you navigate the complex world of personal finance. Subscribe to our newsletter to receive the latest updates and exclusive content.