Buying a Used Car

[Alieberman]

With 2 teenagers...youngest getting ready to get his permit... we need to get a 3rd car and haven't looked for a used car in a very long time.

What's the best way to shop for a used car these days?

Carvana?

I have no idea

[EastCoastCat]

With 2 teenagers...youngest getting ready to get his permit... we need to get a 3rd car and haven't looked for a used car in a very long time.

What's the best way to shop for a used car these days?

Carvana?

I have no idea

I haven't looked for a used car in a while but Carvana is the more convenient option I believe. Carmax is also another option if you want to test drive - just need to have a location near you.

Online is another option. Tride and true I think is Autotrader.

[azcat49]

I use CarGurus. It compares the prices and gives you a look at whether the price is favorable or jacked.

[Merkin]

I just bought a 2016 Nissan Frontier from the local (to me) dealer which they had posted on Facebook Market at a very good price. The price for used pickup trucks is really high right now.

Carvana was not competitive in what I was looking for.

Although their vending machines are very cool.

[Carcassdragger]

Craigslist.

[Alieberman]

Craigslist.

For a big purchase like a Car... I want some sort of guarantee /warranty

I know Carvana does

[Merkin]

My oldest son went through 3 used cars in 3 years due to mechanical problems. He decided he was going to buy the cheapest new car sold in American, and ended up with the Chevy Spark.

He is extremely happy with it. Think he paid around $15K for it.

https://www.caranddriver.com/features/g ... s-in-2022/

When I was looking for a truck, he suggested I just buy the new Ford Maverick truck, which MSRPs at $22K+. However, they are impossible to find in CA at any price close to MSRP.

[CardiacCats97]

You might be better off buying new at the moment and handing down one of your current cars. Used cars are still overpriced, although I suspect that once Carvana goes tits up they’ll come way down since there will be a ton of cheap inventory hitting the market all of a sudden.

[Catintheheat]

You might be better off buying new at the moment and handing down one of your current cars. Used cars are still overpriced, although I suspect that once Carvana goes tits up they’ll come way down since there will be a ton of cheap inventory hitting the market all of a sudden.

Carvana is almost finished. They paid way too much for their inventory, and demand has slowed because of the rise of fed interest rates. Carmax is struggling too, but a better run company. If you can, wait to buy a used car, or new car for that matter. This is especially true if you can pay with cash. By the next quarter I believe a lot of dealerships are going to go under. If you need a car now search hard. Good dealers understand they need to turnover their inventory. If they hold on to a vehicle it will be worth less next week. Also they will have to pay fees for a vehicle each month that is still on the lot. You should be able to negotiate, and if not find another dealer.

[scumdevils86]

Looking to buy a car in the next 6 months. Hoping the used prices tank.

[Alieberman]

Couldn't wait any longer. Think we just found a used car from Carmax. Putting down a big down payment and getting 5.45 APR with no penalty for early payment. Seems like that's good for today's interest rates?

Going to try to get it paid off in a year

[Catintheheat]

Couldn't wait any longer. Think we just found a used car from Carmax. Putting down a big down payment and getting 5.45 APR with no penalty for early payment. Seems like that's good for today's interest rates?

Going to try to get it paid off in a year

That is an incredibly good rate for a used car. My friend, who ho has great credit, is paying 7.25%.

[scumdevils86]

Yea that's a great rate. We're planning on buying a car in cash soon once prices hopefully drop a bit more. The rate on my 401k loan was about the same as used car rates so we actually borrowed a little out of there to make up the difference for the cash we set aside in savings for the car. Hopefully can get the upper hand that way by walking into a dealership and telling them I'll write them a check then and there if they give me a deal on some car that's been sitting on their lot for 2 months.

[azgreg]

We recently bought my wife a new Hyundai Elantra. 36 months no interest.