TULSA, Okla. — Are you thinking about buying a used car? You’re not alone!
With the cost of new cars staying high, it might seem like a smart move. But finding a ride that’s both reliable and affordable can feel like a gamble.
Consumer Reports offers expert advice and exclusive data that empowers you to shop smarter and choose a car that fits your needs and budget.
With new cars averaging nearly $50,000, according to Kelley Blue Book, buyers are turning to used cars to avoid taking out big loans.
But with about two million fewer new cars sold in 2021 compared to 2019, the used market today is tighter than usual.
When there aren't many used cars available, and lots of people looking for one, prices go up. It's supply and demand. So, buyers need to be strategic to find that good deal.
Consumer Reports told 2 News you can still get something safe, dependable, and fuel-efficient.
Here's its checklist:
- Check the car's vehicle history
- Look at the model's reliability ratings
- If you can, get an independent mechanic to check out any vehicle you are interested in buying.
- Take it for a thorough test drive
- Doing this upfront can save you a lot of money and headaches later.
Topping a recent CR list of best used cars to buy:
- 2019 Toyota Corolla
- 2019 Toyota Camry Hybrid
- 2018 Mazda CX-5
When it comes to paying for the new used car, be careful because the money you save can on the sticker price can quickly disappear in the financing.
Right now, the average interest rate on a used-car loan, according to Experian, is around 12%.
Even small differences in interest rates can add up over time.
Before you go to the dealership
- check your credit score
- get pre-approved for a loan
- put down as much money as you can
- avoid those long-term loans
To get the best deal
- Shop around for both the vehicle and financing.
- know the terms before signing anything
- carefully plan your budget
Before you drive off the lot, check the fine print. Consumer Reports says hidden costs like reconditioning, licensing, or pricey extended warranties can pile up quickly. Don’t be afraid to say no and always ask questions about anything that doesn’t make sense on your bill.
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