4 reasons to buy a used car in 2020
By this point, everybody knows the inherent benefits that come with choosing to buy a used car. But as we enter into a new year (and decade), buyers may find new, unexpected upsides that come along with purchasing used—benefits specific to the here and now.
Listed below are just a few of the reasons that this moment, right at the start of the new year, is the right time to buy a used automobile. (For more information on vehicles currently available, and other guidance on the current market, be sure to contact your local pre-owned vehicle dealership today.)
1) Demand is going up, but it's still a buyer's market
As studies and sales figures have shown, consumers are purchasing used cars more often than ever before. But even despite that fact, it remains a buyer's market. That's because there's such a wide range of quality automobiles currently available, giving customers many options despite the high levels of demand.
Additionally, used car buyers are now aided by the wide range of features and research studies published to help them make the right purchases in the new year (not to mention all the different applications and publications that exist to help them along in that regard). One example is the ISeeCars.com study of the Best Used Cars for 2020, which found Toyota leading the pack thanks to vehicles including the much-loved Corolla model.
"It is more likely than vehicles in its class to reach 200,000 miles and maintains more of its value than its competition," the study noted. "The Corolla boasts excellent fuel economy to make it a practical option as a daily driver, and is also among the top of its class for safety scores with a suite of standard safety features that were introduced for the 2017 model year."
2) Overall stock is also strong
Even though car buyers are going used more and more often, the overall level of stock at dealerships has remained quite strong. This has also been confirmed by a number of recent news reports, as well as by experts including David Paris, an executive analyst at J.D. Power.
"On the premium side of the market… we're actually expecting supply levels to kind of maintain in 2020," he explained to Automotive News during a recent interview. In the same article, Paris noted that he expects the market for used cars to stay relatively steady through the end of the calendar year.
Because stock is not expected to decrease the coming year, buyers can trust that they'll be able to reach a great deal on a used vehicle all through 2020, knowing the supply can meet the demand.
3) Unlike new cars, prices remain steady
Another factor in the modern car market is the constantly rising prices for new vehicles. But luckily for consumers, there's been no equivalent price rise on the average used car. As a result, the savings that one can achieve by going used now are, proportionally, as big as they've ever been before – leading a whole new wave of car buyers to start going used.
"As affordability remains a challenge, more consumers chose used vehicles in 2019," noted Patrick Manzi, chief economist of the National Automobile Dealers Association in the United States, in the press release accompanying a recent study. "New cars are getting too expensive for many consumers. Even consumers with great credit or the ability to buy new are instead choosing a used vehicle."
Across the world, that has proven to be the case: Faced with unprecedented costs on new vehicles, buyers are choosing to go used. Luckily for them, the range of choices has only grown larger in relation to the market, with new vehicles listed nearly every single day. And on that note…
4) Last year's new models are increasingly available on the used market
If you're looking for a vehicle manufactured by Ford, Honda, Toyota or another major name brand, then you also surely want a vehicle that's relatively up to date with all the latest features. That's why it's crucial to understand that as we move into the new year, more vehicles of an extremely recent vintage – including 2019 models – will begin to reach the used market.
This is what a lot of buyers call the "sweet spot:" the point where you can buy a used car that's essentially good as new. This way, you get the best of both worlds. On the one hand, you're receiving a car with all the latest safety modifications, equipment and driving features (and low mileage too!). And on the other hand, you're saving money!
Do you want to ring in the new year by purchasing a new car? For more information and a full listing of available vehicles including new, used, and demo automobiles contact Peter Warren Automotive today. We look forward to helping find the car that's exactly right for you!