Once again Brake-O-Rama is the place to go for all your auto repair needs in NJ! Brake-O-Rama Auto Repairs and tires is now sharing information on where you can get the best price to buy a used car! This is exciting news for ALL automobile customers. In today’s tough economy more people are looking to buy used cars and they need to know where the best places to buy a used car are located. This is the article we found that will answer all those used car buying decisions!
10 most affordable cities to buy a used car
By Jim Gorzelany | Forbes.com
While it also means that those buying a new car will continue to get top value for their trade-ins, used car prices remain at historically high levels and aren’t expected to decrease any time soon. The National Automobile Dealers Association (NADA) in Orlando, FL. predicts the average used car (up to eight years old) will cost $14,375 this year, which is down by just 0.8% from $14,500 in 2012.
This is the first drop – however slight – in used car values since the market bottomed out in 2008, according to NADA figures. Pre-owned vehicle prices subsequently skyrocketed by a stratospheric 32 percent over the ensuing three-year period.
Those in the used-car market are advised to hit the lots sooner rather than later, as NADA expects prices to be softer in the first half of the year as consumers and businesses react to the expiration of the payroll tax reduction and the ongoing political wrangling over the debt ceiling extension and the federal budget sequester.
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According to Jonathan Banks, executive automotive analyst with the NADA Used Car Guide, used-vehicle prices will remain largely at their lofty levels because of looser lending standards, recovery in the housing and construction markets, a gradual decrease in unemployment levels, an increase in supply from booming new-car sales and pent-up consumer demand. “As job growth continues to progressively improve, used-vehicle intenders will gradually replace their current vehicles with newer, pre-owned ones, thereby helping to compensate for the loss of new-vehicle substitute demand,” Banks says.
While high fuel prices would logically make smaller and more efficient models in greater demand, and thus demand higher prices, NADA says that used full-size pickups are commanding premium prices these days, with depreciation at about half the rate of the average auto, due in part to the healthier housing and construction sectors.
As always, careful shoppers can be expected to garner the best deals in used cars no matter what size or type they favor. And according to CarGurus.com, used-car prices can vary widely depending on where you live and/or shop. Used-vehicle prices are the lowest in Miami, FL, where they’re 6.6 percent less expensive than the national average. By contrast, the costliest city in which to shop for a used car is Jackson MS., where prices are running 9.0 percent above average. On a $15,000 used car, that 15.6 percentage swing can represent as much as a $2,340 difference solely based on geography.
“Prices can vary substantially from city to city, and depending on where you live, it may pay to look beyond your ZIP code to find greater savings,” said Langley Steinert, founder and CEO of CarGurus. In fact, dealers located within a 50-mile radius of a major city generally offer lower prices on equivalent models than their counterparts located in distant suburbs and rural areas. A previous CarGurus survey found that on average, city dwellers paid $345 less for a used car at local dealerships than did those shopping at suburban and rural lots in the same state.
Here’s CarGuru’s list of the top 10 most affordable cities in which to buy a used car and the percentages below national average transaction prices:
Miami, FL , -6.6%
Cleveland, OH, -5.7%
Rochester, NY, -5.4%
Detroit, MI, -4.7%
Stamford, CT, -4.7%
Akron, OH, -4.4%
Buffalo, NY, -4.4%
Toledo, OH, -3.7%
New York, NY, -3.7%
Minneapolis, MN, -2.8%
Here are the 10 budget-busting cities to avoid if you’re looking for a bargain-priced used car:
Jackson, MS, +9.0%
Seattle, WA, +6.4%
Montgomery, AL, +5.8%
Little Rock, AR, +5.8%
Knoxville, TN, +5.5%
Mobile, AL, +5.3%
Fresno, CA, +4.8%
Memphis, TN, +4.8%
Wichita, KS, +4.8%
Lincoln, NE, +4.7%