Five Reasons To Buy Used Cars Now
Five Reasons To Buy Used Cars Now By Anders Abadie For obvious reasons, pre-owned autos have always been less expensive than brand new ones. As such, they were far more popular with cash-strapped consumers during the Great Recession. However, as demand rose faster than supply during those years, the price of used cars reached an all-time high. Between 2007 and 2013, the cost of the average, secondhand ride surged by 18 percent. That trend continued in 2014, with an increase of 5.1 percent. But now, after seven consecutive years of growth, many experts believe prices will soon fall back down. Here's why. Improving Economy When people have money in their pockets, they are far more likely to purchase big-ticket items like cars and homes. With unemployment falling and wages rising (albeit marginally), consumers should invest in new autos at a disproportionate rate. The subsequent decline in demand for used vehicles should lead to lower prices. Rising Inventory One of the way...