Used Car Prices Still Climbing. Here’s How To Save Some Money.

According to the National Auto Dealers Association’s Used Car Guide, used car prices will be on the rise this year, with April and May the toughest months to get a deal. Here’s six money-saving tips to remember.

Know your prices.

Researching online through used car buying channels (like ours!) and online classifieds like Craigslist, and by visiting dealerships, to have an informed idea of what a particular model should cost.

Reliability, reliability, reliability.

Doing your homework on used cars is much more important than in the case of new cars, as you’ll have concrete reliability info to work with and the car will simply have more wear and tear. Try Consumer Reports, who rank cars for long-term reliability based on testing and surveys.

Consider buying new.

If you’re looking at used 1 or 2 model years old, you aren’t saving all that much money over a brand-new model especially when incentives are present. Your resale value will be higher as well simply by virtue of a newer car.

Look at older-model cars.

A car 4 years old with 25,000 miles on it is not that different than a car 2 years old with 25,000 miles on it. Price drops dramatically by year, and you’d be surprised at what 4-to-6-year-old used cars you can afford for the price of a new subcompact.

Consider buying from a private party.

You can save thousands of dollars on a used car purchase by buying from a private party. Make sure to have the car thoroughly checked out, because with that savings comes no warranty at all.

Show me the CARFAX.

Never a bad idea. It’s cheap and provides a wealth of info on a vehicle’s history. Reputable dealers will get it for you on request.