Buying used cars versus new cars is a wonderful idea that can help you to save money. Many people are well aware that new cars lose value as soon as you drive them off the lot, and this means that you can save money when you buy a late model used car versus a brand new car from Toyota car dealerships. However, there are some good reasons why it may be better to make your used car purchase soon rather than later. With a closer look at current market conditions, you will see why now is the right time to act if you are interested in used cars.
Interest Rates May Be Rising
Before you head to Toyota car dealerships or other dealerships to review the inventory of used cars available, you may need to shop around for an auto loan. Most used car buyers will make their purchase with financing, and this means that interest rates on auto loans will directly impact your buying budget, monthly payments and more. You may have been hearing that interest rates will rise soon for years now, and interest rates seemingly have not budged much. However, with the presidential election over, interest rates have indeed started to rise as predicted. There is no way to predict when they will stop rising, so it is best to act now on your purchase to lock in a currently low rate. By waiting, you may be securing a higher interest rate.
Great Deals on Used Car Lots
There are many great times of the year when you can find the best deals on used cars. For example, when you shop during holidays, such as over Labor Day, Independence Day or New Years’ Day, you may find money-saving sales. In addition to shopping during these times, you can also look for fabulous deals on pre-owned inventory when you shop right after a new model year is released. During this time, many dealerships will transfer lease returns and test drive vehicles to the used car inventory. This means that you can easily find a low mileage, late model vehicle at an affordable price.
While these are all indicators that now may be a great time to make a purchase, there may be one other indicator to pay attention to. This indicator is your personal need for another vehicle. You may need to buy a used vehicle for your new teen driver in the house, to replace your last vehicle in an affordable way or for some other purpose. It can be bothersome and inconvenient to need a new car and not to act on that need. Take time today to explore Toyota car dealerships to learn more about the inventory of used cars available for purchase.