A CAR-BUYING expert has warned buyers that finding used cars under $20,000 has become more difficult.
The YouTuber made a video that gave people tips on how to strategically buy a car in this market.
Kevin, who told viewers he had 14 years of experience in handing out car advice on YouTube, shared tips that current buyers could keep in mind.
Be more flexible
Kevin and Elizabeth told buyers that they should become more flexible when looking at what types of cars they would want.
They said everything a buyers may want or expect from their next car will probably not be available in this market.
The pair added that it could take another year or two before the situations gets better, as inventory increases.
Elizabeth said: “Onto things like color, have three or four options you are open to.”
The pair did stress that flexibility did not mean being open to paying higher prices.
Elizabeth added: “Kevin does not mean you should be more open to paying astronomically high fees or that you should just start accepting the fact that forced add-on’s are a part of life now.”
Use after market options
Kevin and Elizabeth advised viewers to use aftermarket websites and stores to purchase the accessories and features they couldn’t find when a car was purchased.
Kevin said: “If the stock wheels that a vehicle comes with aren’t your favourite, get your own tires and wheels.
“Sell the stock ones to offset the cost of replacement.”
The pair also made a video and shared how and why used car prices have rocketed in the past few years.
Kevin said: “Late model cars under 20 thousand in 2023 are becoming a rare commodity.”
The pair told viewers that over 50% of the used car market was vehicles between one and five years of age under $20,000, in 2019.
That percentage dropped down to just 12% in 2023, according to an iSeeCars.com study.
Kevin and Elizabeth shared that the average price of a one to five year car rose by 48% from $23,351 in 2019 to $34,491 in 2023.
The study also found that the prices of the best selling used cars on the market rose by even more than the average.
The three best selling used cars were the Ram 1500, Toyota Corolla, and Toyota Camry.
Elizabeth said: “Buyers realized if they were going to pay more for any used vehicle it would be for one they had a lot of faith in, for both its near term practicality and its long term reliability and quality.”
Kevin explained that these figures could show how the price of used cars went up.
He said: “Evidence of the scale at which used vehicle values appreciated over the last few years as the scarcity of new cars drove more consumers into the used car market.”
Used car buyers woes did not end there however as Kevin added that recent survey’s also showed that the average mileage of used cars on the market had also increased.
Kevin said: “That indicates consumers are retaining their cars for longer periods and accumulating more miles on them.
“They either can’t afford or don’t wish to pay higher new and used vehicle costs.”