Savings Day – Wait to Buy a Used Car

Want to buy a car?

Prices for used-cars are way up over the same time last year—some as high as 30%. In June, Bloomberg reported that higher prices for used cars contributed to the rise in U.S. inflation and were responsible for one third of the rise in consumer prices. Tim Healy at TheTruthAboutCars says, “If someone came to me right now and said they wanted to buy a car, I’d advise them to wait, and if my hypothetical acquaintance insisted on buying used, I’d tell them they’re crazy.” Well I agree! If you absolutely have to get one, find a temporary model that’s dependable. Then, sell it and buy what you want when the market makes more sense. Or, buy from an individual or family member who doesn’t care about getting current value. Only buy what you can afford while considering my guidelines:

• Find one for sale by the owner to snag a better price.

• Rule out cars from known flood zones or purchased at an auction. 

• Seek a clean Carfax report.

• Ask for maintenance records, history of use, and when tires were last replaced. 

• Check Kelly Blue Book values and the National Auto Dealers Association.

• Have a trusted mechanic do an inspection. The cost will grant you peace of mind. 

So wait, save, and do your research so you can buy smart. As Proverbs 18:15 says: “The heart of the discerning acquires knowledge, the ears of the wise seek it out.”

Many couples struggle with auto loans on top of their credit card debt. If you’re one of them, I recommend Christian Credit Counselors. They’ll create a debt management plan that works for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.