HomeBlogArticlesFour tips for buying a used vehicle

Four tips for buying a used vehicle

by webmaster

Jul 22, 2022

Articles

car prices finally start to fall"/>

Mary Pollard is the vice president of consumer lending at Ascend Federal Credit Union.

There may finally be light at the end of the tunnel for Middle Tennessee residents who are in the market for a used vehicle. Used vehicle prices soared during the pandemic but have fallen for four straight months according to the April Consumer Price Index from the Bureau of Labor Statistics.

After peaking in January, used car and truck prices fell 0.2% in February, 3.8% in March and 0.4% in April. Prices were flat in May, but buyers still paid $60 less than the previous month.

While this is good news, used vehicle prices are still over 11% higher than a year ago, according to the Manheim Used Vehicle Value Index. Kelley’s Blue Book puts the median price of a used car at around $28,312.

With prices constantly trending lower, more consumers are buying used cars and trucks. Dealertrack, a leading automotive software and data analytics company, says loans for used cars and trucks rise 10% year after year. The demand for used vehicle loans from members of our credit unions is even greater.

Hear more voices from Tennessee: Get the weekly opinion newsletter for insightful and thought-provoking columns.

Here are four tips to help Middle Tennessee residents make a smart purchase in a used vehicle:

1. Know what you can afford

Before you decide what type of used vehicle to buy, you must first calculate your budget. Review your income, expenses, and any debt obligations to make sure your desired car price range fits within your budget.

Be sure to factor in other expenses like gas mileage, insurance, maintenance, and repairs. Don’t forget the interest you will pay every month if you apply for a loan.

This will give you a complete idea of the estimated costs of owning and operating your vehicle.

2. Research Used Car and Truck Prices

Knowledge is power, so before you walk onto a car dealership lot, it helps to familiarize yourself with the cost of the make and model of vehicle you want to buy.

There are many excellent resources online: Edmunds.com and kbb.com, for example, to get you started. Those websites also offer articles on how to deal with dealers.

You also can visit online sellers such as Autotrader.com, Cars.com, CarMax or Carvana, when comparing prices.

Hear from Tennessee’s black voices: Receive weekly newsletter of powerful and critical thinking columns.

3. Get pre-approved for a loan

Due to the increased demand for used cars, you may be competing with other buyers for popular vehicles. To get a head start, get preapproved for a car loan if you’re borrowing to make a purchase.

A pre-approval will improve your bargaining power and help you close faster, especially if other buyers haven’t been pre-approved. Most credit unions and banks, including Ascend, offer online tools that make it easy to submit the information needed to obtain a used car or truck loan.

4. Know what you are buying

Before you pull a newly purchased used vehicle off the lot, make sure it’s in good condition and meets your needs. To be safe, you can:

Give it a try to get comfortable with the seats, the dash, and how the car or truck handles on the road.
Check the vehicle’s accident and service history, if you haven’t already done so during the investigation phase, by looking at reports from a company like Carfax or other service providers.
Have a mechanic or friend who knows a thing or two about cars inspect the car or truck.

Buying a car for your next used vehicle can be fun, not stress. By following these tips, you’ll be in the driver’s seat to make sure your used car or truck meets your transportation needs and fits your budget. Happy driving!

Table of Contents

Attorney General Shapiro Takes Action Against Used Car Dealers Who Violate Consumer Protection Law – Pennsylvania Attorney General’s Office

Jul 22, 2022

Articles

The companies knowingly sold cars that were not roadworthy and misled consumers about warranty coverage. HARRISBURG — Attorney General Josh Shapiro today announced that his office has taken legal action against two used car companies for violating consumer protection laws: Carspot in Philadelphia and JK Motor Cars in Pittsburgh. “In Pennsylvania, the demand for used...

Catalytic converter thefts are on the rise. Here are some tips to protect yours. – FOX 29

Jul 22, 2022

Articles

Catalytic converter thefts are on the rise. Here are some tips to protect yours.FOX 29 Table of Contents 1. Know what you can afford 2. Research Used Car and Truck Prices 3. Get pre-approved for a loan 4. Know what you are buying

School traffic is back! AAA Provides Safety Tips for Drivers, Pedestrians, and Bicyclists – 104.5 WOKV

Aug 9, 2022

Articles

JACKSONVILLE, Fla. — Millions of students and teachers are going back to school. As a result, Florida’s highways are about to get even more crowded. >>> STREAM ACTION NEWS JAX LIVE

TikTok challenge sparks car thefts and class action lawsuit against Kia, Hyundai

Aug 9, 2022

Articles

Amid a rapid proliferation of social media posts offering people tips on how to easily steal a Kia or Hyundai car, two Iowans have filed a class action lawsuit against the automakers. Ann Brady of Polk County and Leah Price of Decatur County are suing Kia America, Inc., Hyundai Motor...

TxDOT Announces "Take care. Drive smart." campaign urging drivers to be cautious – KBTV Fox 4 Beaumont

Aug 8, 2022

Articles

TxDOT announces “Be Safe. Drive Smart.” Campaign urging drivers to be cautiousKBTV Fox 4 Beaumont

Four tips for buying a used vehicle

Attorney General Shapiro Takes Action Against Used Car Dealers Who Violate Consumer Protection Law – Pennsylvania Attorney General’s Office

Catalytic converter thefts are on the rise. Here are some tips to protect yours. – FOX 29

Leave a comment

Further reading

School traffic is back! AAA Provides Safety Tips for Drivers, Pedestrians, and Bicyclists – 104.5 WOKV

TikTok challenge sparks car thefts and class action lawsuit against Kia, Hyundai

TxDOT Announces "Take care. Drive smart." campaign urging drivers to be cautious – KBTV Fox 4 Beaumont

Shopping cart

Four tips for buying a used vehicle

Attorney General Shapiro Takes Action Against Used Car Dealers Who Violate Consumer Protection Law – Pennsylvania Attorney General’s Office

Catalytic converter thefts are on the rise. Here are some tips to protect yours. – FOX 29

Leave a comment

Further reading

School traffic is back! AAA Provides Safety Tips for Drivers, Pedestrians, and Bicyclists – 104.5 WOKV

TikTok challenge sparks car thefts and class action lawsuit against Kia, Hyundai

TxDOT Announces "Take care. Drive smart." campaign urging drivers to be cautious – KBTV Fox 4 Beaumont

Stay up to date

Shopping cart