Back in 2009, the automotive industry was in a sharp downturn and new vehicles were declining in a sales slump that would last six years. Used car sales remained stable because people felt they were a safer investment with their lower overall costs.
In 2015 when the market rebounded, new vehicles flood the market, and today there are more cars being sold than ever.
When these types of market conditions occur, two things happen: used car dealers like Robert Bassam see their businesses explode and it becomes a buyer’s market for those looking to make a used car purchase. So now, is a great time to shop for a used car. Here is why and here are some things to look for when you do.
There is a Surplus of Used Cars Available
Today in the US leasing accounts for how more than one third of the cars obtained by Americans. Leasing means that the cars are rented by drivers for a specific period of time. Lease terms are typically from 24 to 48 months and then the cars must be returned to their dealers. These cars are then either sold or released by the dealers as used vehicles or sold to another dealer to be resold as a used car. With close to five million cars per year being leased and now returned, there are millions of cars available at any one time to be purchased used. This surplus creates a bad situation for Miami and Washington owners of used cars but a great situation for used car shoppers, positioning them in the driver’s seat in terms of negotiating for the car you want.
The Internet is a Great Resource for Car Shoppers
The internet allows you to find out information on the particulars cars you have an interest in? Were there any problems with the model or the model year car you like? Did you see a particular car and want to know its history? What is the right price to expect to pay for a particular car? Are the dealers you visited reputable with happy customers raving about them? What will you pay for insurance for the car you want? These and many other important questions can be answered now online and you can do all of this research before you leave your home to be prepared for aggressive car salesman and questionable information you may receive when you are shopping.
Because of the Internet, you can also now have companies that do all of the searching for a used car. They can locate dealers and cars in your area based on your description. They will then have dealers contact you by e-mail with their best offers for that exact car. If you accept, you simply go to the dealership do a test drive and pick up your car. There are other companies that can assist with you finding a loan and some will even have the car brought to you for a test drive. These services make everything easy and you only need a computer or phone and an internet connection.
With an abundance of used car inventories and new internet tools to help you shop, looking for a used car is simpler, faster and better for shoppers.