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"Buying a used car will not only save you money but also allow you to shop higher-end brands, says Ivan Drury, Edmunds.com’s senior manager of insights. For example, maybe you wanted a new Toyota Camry. Instead, he says, you can save about $5,000 and get a 3-year-old Lexus."
"Low financing rates are a boon to car shoppers. But they can cause people to buy a more expensive vehicle than they need and stretch out the loan term to make the payments manageable. Educate yourself on the other implications of longer loan terms to avoid making the same mistakes."
"As of late May, about 10% of vehicles on dealer lots were still 2019 models, according to car research site Edmunds. To be sure, dealers aren’t being flooded with vehicle inventory. Production shutdowns during the height of COVID-19 have prevented that from happening. But that means “there just won’t be as many 2020 model years out there” as there usually would be for the current model year, Edmunds analyst Jessica Caldwell said."
"Even if you don’t qualify for a 0% loan, there still may be lower finance rates available. Check manufacturers’ websites for advertised rates and use a loan calculator to check if the terms will be favorable enough to make the switch."
"When Ivan Drury, an auto industry analyst with Edmunds.com, sought to buy a used car last year he purchased a 2018 Ford Fusion Hybrid from Avis. He had previously done an analysis of used car prices in 2017 for his job and found, to his surprise, that rental car companies were selling their own used cars at much lower prices than other used car dealers. Depending on the specific model, buying directly from a rental company rather than a used car dealer could save anywhere from 5% to 15%, he found."
"The best deals will likely be found on trucks and SUVs. On 2019 model year vehicles, Edmunds says it is seeing average discounts of 17% on full-size trucks, 14.4% on midsize SUVs and 16.3% on subcompact SUVs compared to the manufacturer’s suggested retail price. Discounts are slightly less on 2020 model year vehicles, to the tune of 13.4% on full-size trucks, 11% on midsize SUVs, and 13.5% on subcompact SUVs."
"We expect the used car market to be flush with vehicles in the coming months, which means you are likely to see greater savings as dealerships will be motivated to sell them."
"The safest thing for you at this time is to get a lease extension and wait things out a while, but be sure to read the fine print and know the other costs that you might be responsible for."
"Industry analysts see retail prices coming down in the coming months, which means shoppers in the market for used cars can find steep discounts. 'If you need a car now, just try shopping right now,' Ivan Drury, senior manager of insights at Edmunds, said. 'Throw out some feelers, because if you get a dealer who is aware that in a month it's just going to get harder and harder to sell [and that] they're going to have to keep reducing prices, you might be able to take advantage of this sooner versus later.'"
"...Ronald Montoya, senior consumer advice editor at Edmunds, and Rich White, executive director of the Car Care Council, a nonprofit that educates drivers on automotive maintenance, all shared some tips and tricks for keeping a sitting car well maintained in the near term and in the long haul."
