SAN ANTONIO — The old laws of economics are suddenly suspended during the pandemic. Depreciation usually makes prices sink but that is not what is happening with used cars.
“Used car prices since March have actually gone up and reason being is supply is down,” said Michaela Baker, CoPilot’s head of product development.
You will have a devil of a time finding a deal now but wait about a week and you might have better luck. Buy after Labor Day and your likely to find some savings.
“We’re thinking thousands of dollars,” said Baker
That is because more used cars will become available for two reasons. First, manufactures let many people who lease keep their cars during the pandemic.
“We are expecting those to the market this fall in the latter part of 2020,” Baker said. “So you have, you know, over half a million cars coming that way.”
Those leases will soon expire.
“Usually lease vehicles are going to be in great condition because they do have those routine check-ups, those routine service appointments,” said Baker. “They have to usually stay within a certain mileage each year.”
Plus, rental car agencies are selling off cars because business is slow. If you are looking for a certain type of car you will be in luck.
“We really think that you’re going to get a great deal on sedans,” said Baker.
Used cars can be a great deal but be through before buying. Get the car’s maintenance records, vehicle history rating and CARFAX. Have it checked out by an expert you choose.
“If you have a good, trusted mechanic, you can go to and rely on who can come to the dealers with you,” said Jason Meza, regional director of the Better Business Bureau (BBB).
Look for cars that are certified by the dealership and come with a warranty.
“The manufacturers have actually put together some really intriguing and interesting certified preowned offers that they can get consumers into those cars, which is also a great opportunity for consumers to look at because a lot of people know that when you buy a preowned vehicle, you’re already saving thousands of dollars,” Baker said.
Plus, completely understand the terms of the sale and any financing.
“We need to do a better job of reading the fine print as contracts come and go before you leave,” Meza said. “Always walk out with a bill of sale and registration papers. Make sure the guarantees, the warranties and the service contracts are in writing and that you completely understand.”
Plus, do not forget to test drive it.
Reach out to the BBB if you have an issue with a used car you have purchased. It may be able to you reach an agreement with the seller.
If you have a concern or question for Eyewitness Wants to Know, email us at firstname.lastname@example.org or call 210-377-8647