Whether you are buying or selling a used car, it is better to understand the market. Doing so will help you take advantage of the current trend and sell or buy at the best possible value. However, navigating the used car market can both be exciting and challenging. Thus, it is essential to give yourself enough time to do some research. By understanding how the market works and the trend moves, you can make an informed decision and get the best deal.
Tips on Navigating the Used Car Market
Here are some valuable tips on how you can navigate and take advantage of market trends, whether you’re selling or buying a used car:
Research Current Trends
You can stay updated on the latest trends in the market by reading industry reports, automotive news, and other online resources like Edmunds.com, CarGurus.com, etc. Look at the trends in pricing, check what models are currently popular, and note the changes in demand for specific vehicles.
Like in any market, seasonal fluctuations will always occur in the used car market trends. Thus, you must ensure that the timing is perfect for buying or selling your used vehicle. Typically, the end of the year is the best time to buy used cars because dealerships are trying to clear out their inventory. So if you are trying to sell your vehicle, don’t do it during the end of the year or the first few months after the holidays when people are still recovering from their holiday expenses.
Understand Vehicle Depreciation
You must understand that all vehicles will depreciate in time. But, some models depreciate faster than other models. It is better to research the depreciation rates of the car you are trying to sell or buy.
Underrated vs. Popular Models
If you are going to consider value, popular models are known to hold their value longer and better. But, the trade-off is that you can expect higher initial costs. Meanwhile, underrated models have lower initial costs and better value for money overall.
CPO or certified pre-owned programs can help you price your used car better – just slightly lower than a brand-new unit. In a CPO program, your vehicle will undergo a rigorous inspection and will have an extended warranty. This is good if your car is in mint condition and you want the best value when you sell it.
Private Sale vs. Dealership
If you’re buying a used car, you might get the best deals from private sellers; just make sure to inspect the vehicle visually and its history before finalizing the sale. But, if you don’t want to go through the headaches of needing to check the car yourself, a dealership is the best option. Most dealerships also provide CPO options as well as financing options.
If you plan to buy a used car, be prepared to negotiate. Try to research the fair market value of the vehicle you’re interested in. Also, never be afraid to walk away from the deal if you disagree with the price. As a seller, you also need to be prepared to negotiate wisely to get the best value from your used car.
Check Vehicle History Reports
Whether you are buying or selling a used car, obtaining and checking a vehicle’s history report is to your advantage. Check for accidents, service records, title issues, and ownership history.
Inspect And Test Drive the Vehicle
As a buyer, you’d do well to thoroughly inspect the vehicle and take it for a spin before handing in the payment. You can also get a mechanic to accompany you to check the unit for any hidden issues.
When selling or buying a used car, always be patient and never rush into purchasing. Take your time and do some research, compare your options, and wait for the best deal to come.
Best State for Cheaper Car Prices
Navigating the used car market and understanding market trends will help you make an intelligent purchase that suits your budget and needs. In addition, you can also read up on industry reports such as where is the best state with the best prices to buy used cars or how to take advantage of technology when it comes to buying or selling used vehicles.
A report from ABC Action News found that Florida is the best state regarding the initial cost of purchasing a vehicle. And this is due to a variety of factors. First, the state has one of the largest populations of older people. Thus, more and more people are driving less and opting to sell off their cars. As a result, there will be more options, and it will be easier to find great deals on used vehicles in the area.
Most used cars in Florida are also certified pre-owned and usually in good condition because of the climate in the area. Compared to used vehicles in areas with snowy climates, cars in Florida will have no salt damage. Roads are usually salted to melt the snow in areas with extreme winters.
The OfferMORE Difference
With technological advancements, consumers now have access to a wealth of information regarding their purchases. The same goes for buying and selling used cars. Nowadays, it’s also easy to look for a dealership to sell your used vehicles to. You can easily search for the nearest dealership on your computer or phone. And if you’re looking for the best and most reliable place to sell your used car in Pinellas County, then OfferMORE is the place to go.
Here at OfferMORE, we will beat any dealer offer. Simply get an appraisal from places like CarMax, and we will top that offer. Our business model is designed to purchase used vehicles fast, and we pay more. We have years of experience in buying cars, and we know how to squeeze the last bit of value from your vehicles, giving us the ability to offer you the most possible money. The OfferMORE difference is that we always take pride in offering customers a fair value. Contact us to get started today!