29 Aug 2017   /   0 comments

Used-Car Values Are Dropping

Paul

autos-technology-vw-multi-storey-car-park-63294Newer and nicer cars have become a little more affordable in the recent years. Car owners have the option to buy with a loan or lease a car. From 0% APR for the first 12 months to 0-down payments, dealerships make it easier for you to get a brand-new car. For the rest of us, a used-car is still in the budget. Good news if you’re one of those people! TFC Title Loans will tell you how used-car values are dropping.

New-Car Sales

Supply and demand has started to put a dent in used-car prices. New-car sales have been on the rise which means a lot more of used cars hiding in the marketplace which leads to lower prices. Long loan terms and dropping values are also forcing a spike in the “upside-down” borrowers (people owe more than the car is worth).

While it may not be great news for everyone, it is good for those who are trying to shop for used cars. There are some great values out there. The average trading is at 34% off the original price, opposed to 26% in 2012.

Chevrolet Impala

Buying a brand-new Impala will cost you about $30,000, but if you contact your local dealer you could about half that amount. The Kelley Blue Book lists a fair market range for a 2016 Impala LT starting at $15,998 and will go just over $20,000. On different trim levels, the LTZ is around $20,000 and get up to $25,000 for V6 cars which is cheaper than brand-new Impala Premiers.

Subaru Impreza WRX

While its savings may not be as drastic as other sedans, but there are still some savings. A 2016 model WRX will range around $20,000, which is still a $10,000 savings over a new one. An excellent condition car can grow up to $23,000.

Mini Cooper S

For the newest Mini Cooper S, it will be priced over $26,000. On a used Mini, the price could be $19,000 for a car with 30,000 miles. This is just above the average curve of price depreciation for cars, which is odd since the sporty hatchback should make it more like the WRX and doesn’t usually have great market fluctuations.

Toyota Camry

There is a brand-new Toyota Camry for 2018 which will definitely depress the values of older Camry sedans that are on used lots. This brand-new LE Camry is set to sell for $23,965 before taxes, which is not that bad for a brand-new car. A 2015 Camry with similar equipment to the 2017, which will run around $15,000. This price is for a Camry with 30,000 miles on, a 37% price drop.

Nissan Rogue

The Nissan Rogue is one of the best-selling SUVs, which is why the base model costs $25,380. A used Nissan Rogue from 2015 will take 32% off which means a little over $17,000 for a car with 30,000 miles.

Tips for Buying Used Car

With a little information about the used car market, here are some tips when shopping for a used car:

  1. Set your budget: How much do you want to spend and how much can you spend?
  2. Choose the right car: What do you need in a car and what do you want, but can live without?
  3. Check reliability and ownership costs: Choose the car that won’t break down, but won’t break the bank.
  4. Locate good used cars: Search the classified ads or walk the car lot.
  5. Price the cars: What do the experts say about the car you’ve chosen?
  6. Check the vehicle history report: What has the car been through?
  7. Contact the seller: Ask some of your questions before you look.
  8. Go on a test drive: Does is feel like it’s in good shape?
  9. Negotiate the price: Use the information you gathered on your car search to get the fair price.
  10. Close your deal.

 

Let TFC Title Loans Help You

If your new or used car suddenly needs a major repair that’s going to cost you more than you planned, head over to TFC Title Loans today to get an estimate for an auto title loan! As long as you have a free and clear title, we can offer you anywhere from $2,500 to $50,000. You’ll get your funds in as little as one business day which means you can take care of your financial problems quickly. No waiting around to be approved by a bank for the chance of denial.

That’s another amazing benefit of TFC! Even if you have bad credit, we can still offer you a title loan. We use the title of your vehicle and your ability to pay the monthly payment to determine your rates. Call us today and see if you qualify!

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