As we kick off a new month, we continue to see record breaking numbers in the used car market. There is still a severe lack of used car inventory, and record retail and trade-in prices. CARFAX data shows retail list prices were up 25% in May compared to the same month last year. The retail prices for trucks are up even more, 44% year-over-year. It’s a great time to trade-in a vehicle, but there’s some important tips used car shoppers should remember if they’re looking to buy in this unprecedented market.
According to Emilie Voss with Carfax, there is still a severe lack of used car inventory, and record retail and trade-in prices.
Voss shares some tips for used-car shoppers:It’s a competitive market. You might feel pressure. But still do your homework
Get the CARFAX Report. It’s never been more important to understand vehicle history so you don’t overpay.
Take it for an independent inspection with a trained mechanic.
Take it for a test drive