Sticker Shock May Drive Consumers to Used Cars
Thinking of getting a New or Used Car?
If so, Craig Siminski, of CMS Retirement Income Planning, has some helpful information for you to consider!
The average transaction price of a new car or light truck was $36,733 in March 2019, up 2.3% from a year earlier.
New 2020 models hit showrooms in August and September, and it’s probably safe to say they won’t be less expensive.
If cost were not a concern, most people might prefer a new car for a variety of reasons: the most recent technology and fuel-efficiency standards, choice of color and features, no wear and tear, a manufacturer’s warranty, and that new car smell.
But a quality used vehicle can be an appealing, cost-effective option.
Here are three trends that could make 2019 a good year to buy a used car, especially a three-year-old vehicle:
Record Lease Returns
Leases reached a record 4.3 million in 2016, which was also the first year that leases for popular sport utility vehicles exceeded leases for other cars. Most of these vehicles are scheduled to be returned in 2019, flooding the market with quality three-year-old vehicles — and many 2016 models include …
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 21 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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