Tips for finding the best used car deals amid high prices

CHARLOTTE — With new car prices still high, buying a used care may seem like a smart move, but Consumer Reports says finding a ride that’s both reliable and affordable can be a challenge.

However, experts say it is possible to find a car that fits your needs and budget.

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The price of a new car averages nearly $50,000, so buyers like Ali Shahsamand are turning to used cars to avoid big loans.

“I saved about $30,000 doing so,” Shahsamand said. “With that money, I got to put it towards the vehicle, and I had money left over for other needs.”

With about 2 million fewer new cars sold in 2021 compared to 2019, the current used market is tighter than usual.

“When there aren’t many cars available, but lots of people are looking, prices go up,” Consumer Reports’ Keith Barry said. “It’s supply and demand, so buyers need to be strategic in order to find that good deal.”

Consumer Reports says you can still get something safe, dependable, and fuel-efficient.

“Check the car’s vehicle history, look at the model’s reliability ratings,” Barry said. “If you can, get an independent mechanic to check it out and take it for a thorough test drive.”

Barry says taking these steps upfront “can save you a lot of money and headaches later on.”

When it comes to paying for that used car, be careful — the money you save can disappear in the fine print. Right now, the average interest rate on a used-car loan, according to Experian, is around 12%.

“Even small differences in interest rates can add up over time, so before you go to the dealership, check your credit score, get pre-approved for a loan, put down as much money as you can and avoid those long-term loans,” Barry said.

Before you drive off the lot, Consumer Reports says to check the fine print. Hidden costs like reconditioning, licensing or extended warranties add up, and always ask about any charge you don’t recognize or understand.

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