The average transaction price (ATP) of new cars in the U.S. rose steadily from the $40,000+ mark throughout 2021. By December 2021, it reached a staggering $47,202.
It’s no wonder then that used vehicles sold like pancakes that year. While their prices also increased, Americans still bought 40.9 million used cars.
So if you’re now in the market as a car shopper, consider buying used. However, more due diligence is necessary; for instance, you must know what to look for when buying a used car.
Don’t worry, though, as that’s what we’re here to discuss. Read on to learn how to buy a used car and not regret your decision.
The Most Recent Vehicle History Report
A vehicle history report is a set of records about a used car, such as ownership, title status, and repair history. For instance, it provides information on how many owners the vehicle has had and how long they’ve owned it. It also tells you if the car has had a junk, salvage, rebuilt, or lemon title.
Moreover, a vehicle history report can reveal if a car has had flood damage. So you know, a report found that, in 2021 alone, more than half a million flood-damaged vehicles were in use in the U.S.
Such reports also include information about repairs the vehicle has undergone. And, if an insurer once deemed it a total loss, you should be able to find that info on the report, too.
You can then use all that information to help you determine whether a used car is a good deal or not. That’s also why honest sellers provide potential buyers with a copy of this report. They know it can help buyers decide that their vehicles are purchase-worthy.
Safety Technology
More than 4 million people in the U.S. sustain serious crash injuries annually. Their injuries are severe enough that they require immediate medical attention.
While safety technologies don’t replace driver skills, they can still be life-saving. These include pedestrian detection, cruise control, lane-keeping assist, and front-collision warning. Other notable safety features are rear parking sensors, emergency braking, and rearview cameras.
The good news is that you can find many of those features and tech in used cars of the latest makes and models. A few examples are the 2019 F150 Hybrid, the 2020 Civic Hatchback, and the 2021 Stinger Hatchback.
High Fuel Economy
Fuel economy pertains to how many miles a vehicle can travel using a specific quantity of fuel. You’ll see this expressed in miles per gallon (mpg).
The higher a vehicle’s mpg, the more “economical” it is, as it can travel more miles per gallon of fuel. Thus, you’d want to buy a used car with a higher fuel economy rating, as it can save you on fuel expenses.
Note that the average car fuel economy in the U.S. has increased by 6.1 mpg from 2004 to 2020. For 2020 models, the average is 25.4 mpg. So, when buying a used car made in 2020, make sure you go for one with a fuel economy that’s no less than 25 mpg.
That’s What to Look for When Buying a Used Car
And there you have it, your guide on what to look for when buying a used car. Now you know you need to look for a vehicle history report, the latest safety tech, and high fuel economy. Using these factors, you can determine if a used vehicle is a fantastic deal or not.
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