If you’re in the market for a used car, you may have noticed that your options have been dwindling lately. November has seen used-vehicle inventories remain tight, forcing many car buyers to think outside the box and consider cars further outside of their original search criteria. Cox Automotive’s in-depth analysis takes a look at the state of the used vehicle market, and shines a light on why car buyers are struggling to find the right car this month.
1. Used Car Stock Low as November Begins
As we pass into November, it appears that the supply of used cars has become particularly sparse. This year there is a remarkable lack of variety, and rising prices can indicate a shortage of good stock. We’ll take a look at why this is happening and what the implications may be.
In the midst of economic unease, many people are delaying major purchases, draws on credit or even a new career. Therefore, those trading in cars will be few and far between. Naturally, those who can afford new cars are declining, meaning manufacturers’ incentives are irrelevant.
- Less trade-ins
- Fewer buyers
- Fewer used cars to go around
Also, as the market slows down, dealerships and car supermarkets have to slow down their stock turnover and reduce the number of cars in their stock, as these are expensive to maintain. This, of course, drives the prices up due to the lack of supply in the market.
2. Cox Automotive Gives Insight into Used Vehicles
An increasing number of people are turning to used vehicles, because of the possibility of finding a good quality car for less money. There is, however, the risk of ending up with a “lemon” if a buyer is not careful.
Cox Automotive, a leader in the automotive industry, is offering advice on what buyers need to know when looking for a used vehicle. They list the following points as essential to consider when making a used car purchase:
- Research – Buyers should research the model, the year, available safety features, previous owners, etc.
- Inspection – Motorists should take the vehicle for a test drive and have it inspected by a qualified mechanic.
- Budget – Review the vehicle’s history to determine its true value and budget accordingly.
Having knowledge of all these points can help buyers avoid costly surprises and end up with reliable, affordable vehicles that meet their needs.
3. Used Vehicle Inventory: What to Expect in November
November is right around the corner and your used car dealership has an impressive selection of vehicles waiting for you. No matter what type of car you’re looking to buy, November presents plenty of options from sedans to SUVs and more.
- Compacts: Find fuel-efficient compacts like the Honda Civic, Ford Focus, or Toyota Camry.
- Midsize: Get the perfect combination of style and functionality with vehicles like the Toyota Corolla.
- Full-Size: For those wanting to upgrade their drive, the Chevrolet Impala or Ford Taurus provides exceptional performance.
- Sports Cars: Look out for performance-focused cars like the Nissan 370Z or Mazda MX-5 Miata.
- Luxury: Get the ultimate driving experience with vehicles like the Lexus ES, Mercedes-Benz E-Class, and more.
Your used car dealership has made sure to include options for every budget so you can find exactly what you’re looking for. Explore luxury features, reliable performance, and dependable safety ratings, all with the excellent service you can expect when you shop with us.
4. Actionable Strategies for Accessing Used Vehicles
Used vehicles can be a great way to save money, but they can be difficult to access. Here are some helpful strategies you can use to make sure you get the best deal possible on the type of car you’re looking for:
- Check out online car marketplaces: Make sure to shop through different online marketplaces, such as Craigslist, to find a great used car that fits your budget. Seeing a variety of options can help you find the perfect car without spending too much.
- Research the standard market prices: Once you have an idea of the type of car you’re after, it’s important to research current market prices. Comparing these prices to the asking prices of cars on the market will help you know if you’re getting a good deal or not.
- Visit dealerships: It’s a good idea to shop around at local dealer lots. Seeing the different inventory in person can help you find the car you want and haggle for the best deal possible.
Getting a great deal on a used car doesn’t have to be difficult. With the right strategy, it’s easy to find a great car at an excellent price. Researching online, visiting dealerships, and understanding market prices are all great ways to make sure you get the best deal available.
As we end November, there’s no mistaking that the automotive industry has experienced a shortage of used vehicles this month. With limited inventory still ahead, along with other factors in play, the months ahead will be crucial for keeping up with consumer demand. Have you had difficulty finding a used car this month? Let us know in the comments below!