Don't ignore the effects of inflation. General level of prices is c 20% higher than they were before Covid?Fortunately, I am patientFor popular makes & models, you may well find the costs of those used cars are very highIt depends on what I intend to use of for, and the mileage that will go on it.
For example, I am in the market for a car, deciding between new and used. I will be the primary driver, and it will be for mid-long trips. My criteria is <25K miles, and no more than 3 years old. I hope to use it for at least 10 years.
Other the other had, I have another car that I use mainly for daily short errands and occasional mid range trips. For those purposes I put about 5k-6K miles on it per year. When I replace it I am willing to go with a car than has <50K of miles on it, as I will not be putting miles on it at a high rate.
I have only bought used cars with miles >50K when our children needed cheap basic transportation for limited destinations (school and work), and we knew it would be for only a few years.The rental fleets were not added to in the 2020-22 period, so there's a shortage of used cars from that source (one of the main sources of fairly new used cars). Toyotas are in short supply (still) and ditto Hondas (I believe).. My criteria is <25K miles, and no more than 3 years old. I hope to use it for at least 10 years.
I think you will struggle, at the moment, to find a car at a price you want to pay. The economics seem to have shifted towards buying new cars rather than the less used among 2-3 year old ones?. This will be a third car, and I have been looking for a year. Availability has gone up and prices have gone down since then, at least in our area. One reliable used car dealer here has more than double that inventory as compared to 9-12 months ago, and about 3K-4K less. They are not Toyotas, but they are still from good brands. Prices are not back aligned to pre-covid times (we bought a reliable used SUV with 24k miles for < $19K in 2019), but the trend is downward, so I will wait.
. This will be a third car, and I have been looking for a year. Availability has gone up and prices have gone down since then, at least in our area. One reliable used car dealer here has more than double that inventory as compared to 9-12 months ago, and about 3K-4K less. They are not Toyotas, but they are still from good brands. Prices are not back aligned to pre-covid times (we bought a reliable used SUV with 24k miles for < $19K in 2019), but the trend is downward, so I will wait.Statistics: Posted by Valuethinker — Sat Feb 10, 2024 1:04 pm — Replies 65 — Views 5080