These Are The Best Places To Save When Buying Used Cars
The transaction price for a new car is well over $ 30,000, which is a big pill to swallow. Used car prices are also rising. Many automakers shut down production at the start of the coronavirus pandemic, limiting the supply of new cars. However, as prices increase, not all used car dealers are the same. Some have better deals than others and a new study from iSeeCars.com indicates which places offer the best prices.
The publication analyzed more than 8.5 million used cars sold in 2020, comparing the prices of similar vehicles sold across the country by online dealers, car rental companies and traditional car dealerships. He found that rental car dealers, like Hertz, Avis, Enterprise and others, offer the biggest savings, averaging $ 303 in savings than other sellers, or 1.6% less than the market value.
|Reseller type||Average price over market value ($)||Average price over market value (%)|
|Rental car dealers||– $ 303||-1.6%|
|Traditional merchants||+ $ 31||+ 0.2%|
|Online dealers||+ $ 444||+ 2.4%|
A traditional dealer is priced slightly above market value at $ 32. However, it is much lower than that of online dealers, like Carvana, which, according to iSeeCars.com, has car prices $ 444 more expensive on average. One reason for the low prices of rental cars? Car rental companies buy a high volume of cars at reduced prices, passing these savings on to the used buyer. In addition, car rental companies are struggling with the virus.
While used car prices are probably the lowest at a rental car dealership, not all makes and models are created equal. ISeeCars.com dove deeper into the data, researching the best places to buy some of the most popular vehicles. Rental dealerships are popular for cars like the Chevy Equinox and Silverado, but customers might find better deals on the Ford Escape or Hyundai Tucson online. Those who want a traditional dealership experience should look at the Ford Fusion or the GMC Sierra for the biggest savings. It is always best to shop around before making a final decision, no matter what brand or model you want.